Ten years after the launch of the Abuja Centenary City, the Senate has commenced investigation into the failed $18.5bn public-private sector project.
The Red Chamber has therefore set up an ad-hoc committee chaired by the Deputy Senate President, Sen. Barau Jibrin to enquire into the ramifications.
The sponsor of the bill, Sen. Yisa Oyelola (Kwara-South), noted that the original estimated investment for the project in 2014 put at $18.5bn, was designated as a free trade zone under the regulatory oversight of the Nigerian Export Processing Zones Authority (NEPZA).
Other lawmakers, however, expressed the belief that the project can only be resuscitated through a PPP arrangement, rejecting the idea that the Federal Government would inject funds into it.
Chairman Senate Committee on Customs, Sen. Isah Jibrin, argued that the project should be self-funded calling on the Ministry of Finance, to put together a team of investment bankers to fund it.
The Senate therefore mandated the Committee on Federal Capital Territory, to urgently investigate the factors impeding the completion of the project.
The Senate also urged the FG, to prioritise the revival of the project by providing appropriate support, resolving regulatory issues, and address other impediments, given its potential.
