By Aishat Bakare
The House of Representatives has moved to investigate the $460 million Chinese loan obtained during the administration of former President Goodluck Jonathan for the installation of CCTV cameras across Abuja, a project that remains incomplete despite years of debt servicing.
The motion, sponsored by Hon. Amobi Ogah (Isuikwuato/Umunneochi Federal Constituency, Abia State), was adopted during Wednesday’s plenary. Ogah lamented that although the project was meant to enhance security in the FCT, there is “no evidence of functionality,” while insecurity in Abuja has worsened.
“The government took a $460 million loan to make the city safer, but today we are repaying a debt for a non-functional project executed by the same foreign contractor who supplied the loan,” Ogah said.
The loan, secured in 2010 from the China EXIM Bank and awarded to ZTE Communications, was part of a $600 million soft credit facility meant to be repaid over 10 years after an initial 10-year grace period.
Lawmakers described the situation as “a lose-lose nightmare for Nigeria,” vowing to hold those responsible accountable and ensure transparency in the nation’s external loan management.
