The $18.5 billion Centenary City project, which initiated ten years ago in the Federal Capital Territory, is yet to be operational. The Senate has launched an investigation into this matter.

The multibillion-dollar private sector project was designed to accommodate 500,000 daily tourists in addition to around 200,000 residential residents.

When the project is finished, it is intended to house top-notch domestic and international companies in top-notch surroundings.

Nevertheless, the project is still far from finished ten years after it began, which is what prompted the Senate to step in on Tuesday.

The Senate decided to form an ad hoc committee to “urgently investigate the factors impeding the completion of the project” after adopting a motion of urgent public interest titled “Urgent need to revive and complete the stalled Centenary Abuja Project.”

The Senate also charged the committee “to review the original public-private partnership agreement and recommend amendments, if necessary, to facilitate smooth and expeditious completion of the project within a defined timeframe.”

The resolution, which was sponsored by Senator Yisa Ashiru Oyelola, alerted the Senate to the fact that, as of 2014, the initial projected investment for the Abuja Centenary Economic City project was $18.5 billion, or, at current exchange rates, the amount of Nigeria’s national budget.

Initiating the discussion, Oyelola pointed out that the project was classified as a free trade zone, subject to the Nigerian Export Processing Zones Authority’s regulatory supervision. This designation did not affect other statutory agencies, such as the Federal Capital Territory Administration, Abuja Investment Company, and Abuja Infrastructure Investment Center.

He also mentioned that great strides had been made on a related project, the $6 billion Eko Atlantic City in Lagos.

Less than 7% of the planned road building and other vital infrastructure had been completed, according to development projections, and the Abuja Centenary City project had been in limbo for nearly a decade.

Senators Ali Ndume and Isa Jubril both reiterated President Bola Tinubu’s request that he look for investment bankers to take over the project.

Jibrin Barau, the Deputy Senate President, will serve as the chair of the ad hoc committee. Solomon Adeola, Titus Zam, and Aminu Tambuwal are among the other members of the committee.

The committee will present its report in four weeks.