The House of Representatives has resolved to investigate the $460 million Chinese loan obtained to finance the Abuja Closed-Circuit Television (CCTV) project.
The project was originally designed to enhance security across the Federal Capital Territory (FCT).
The decision followed the adoption of a motion of urgent national importance moved by Hon. Amobi Ogah (LP, Abia) during plenary on Wednesday.
Ogah, in his motion, recalled that the administration of former President Goodluck Jonathan initiated the CCTV project to improve surveillance, assist law enforcement agencies, and curb criminal activities within Abuja.
He explained that in 2010, the then Minister of Finance, Dr. Olusegun Aganga, led a Federal Government delegation to Beijing, China, where a Memorandum of Understanding (MoU) was signed with ZTE Communications of China, the firm awarded the contract for the project.
The lawmaker noted that the project was financed through a $460 million loan from the China-EXIM Bank, drawn from a $600 million credit facility extended to Nigeria as a soft loan, repayable over 10 years after a 10-year grace period.
Ogah expressed concern that despite the significant investment and ongoing repayment of the loan, the CCTV project has yet to deliver the expected improvements in security across the capital city.
He observed that incidents of insecurity have persisted in Abuja, underscoring the need for accountability and transparency regarding the project’s implementation and performance.
Following deliberations, the House mandated its Committees on National Security and Intelligence, Finance, and Public Accounts to investigate the circumstances surrounding the loan, the contract execution, and the current status of the CCTV project, and to report back to the House for further legislative action.