the House of Representatives has resolved to launch a full-scale investigation into the controversial $460 million Chinese loan obtained to finance the Abuja Closed-Circuit Television (CCTV) project. The project was originally intended to significantly boost security across the Federal Capital Territory (FCT).
The decision followed the adoption of a motion of urgent national importance brought forward by Hon. Amobi Ogah (LP, Abia) during a plenary session on Wednesday.
The Background of the Loan
In his motion, Hon. Ogah provided a detailed background of the project:
- The CCTV initiative was started during the administration of former President Goodluck Jonathan to enhance surveillance and curb crime in Abuja.
- In 2010, the then Minister of Finance, Dr. Olusegun Aganga, led a delegation to Beijing to sign a Memorandum of Understanding (MoU) with ZTE Communications of China, the firm awarded the contract.
- The project was financed by a $460 million loan from the China-EXIM Bank, which was part of a larger $600 million soft credit facility extended to Nigeria.
- The loan is repayable over 10 years, following a 10-year grace period.
Concern Over Project Failure
The central concern highlighted by Ogah is that despite the massive financial investment and the ongoing repayment of the loan, the CCTV project has failed to deliver the expected security results. He noted that the persistence of insecurity in Abuja necessitates accountability regarding the project’s execution and effectiveness.
Legislative Action
Following deliberations, the House mandated three of its key committees to carry out the investigation:
- Committee on National Security and Intelligence
- Committee on Finance
- Committee on Public Accounts
These committees are tasked with investigating the circumstances surrounding the loan, the contract implementation, and the current operational status of the CCTV project. They are expected to report their findings back to the House for further legislative action.
