Minister of Federal Capital Territory (FCT), Senator Bala Mohammed has signed an agreement for the development of N2.9 trillion Abuja Centenary City in commemoration of the 100 years of Nigeria's nationhood.
The agreement was signed between the FCT Administration (FCTA) and Centenary City Conglomerate chaired by former Head of State, General Abdulsalami Abubakar, yesterday in his office at Area 11, Garki, Abuja.
Speaking at the signing event, Mohammed said that the Centenary City was an initiative of the Federal Government to provide qualitative houses for Abuja’s rapidly growing population and to commemorate the centenary celebration of Nigeria.
The Minister disclosed that the sum of N2.976 Trillion (18.6 billion US Dollars) has to be mopped up to develop the 1,200 hectares of land earlier earmarked by the FCTA for the purpose.
According to him, a total of N1.2 billion had been paid, being 100 percent compensation for economic trees of the original inhabitants as well as structures of some non natives situated there.
He reiterated that 20 per cent of the plot has been earmarked for residential houses while 80 percent is for mixed use and commercial purposes.
The Minister emphasised that the Federal Capital Development Authority (FCDA), which is the custodian of the Abuja Master Plan, "would be working hand in hand to ensure high quality infrastructure in the area".
Mohammed noted that the FCTA would maintain five per cent equity share in the project.
The FCT Minister of State, Olajumoke Akinjide, FCT Permanent Secretary, Mr. John Chukwu, and the FCDA Executive Secretary, Mr. Adamu Ismaila witnessed the brief ceremony.