The Nigerian Senate has established an ad-hoc committee to investigate the 11,886 mega projects abandoned by the Federal Government since Nigeria’s independence in 1960. This committee, chaired by Senator Yisa Ashiru, includes Senator Jimoh Ibrahim Folorunsho, Senator Abdullahi Yahaya Abubakar, Senator Victor Umeh OFR, Senator Jibrin Isa, Senator Goje Mohammed Danjuma, and Senator Mpigi Barinada.
Sponsored by Senator Jimoh Ibrahim (Ondo South), the committee will categorize these projects by sector for detailed examination.
In his presentation, Senator Ibrahim noted that 63% of all projects initiated since independence have been abandoned, leading to significant cost overruns and benefit shortfalls. He highlighted specific examples, such as the National Library, the Lagos–Badagry Express Road, and the Calabar Power Plant, which remain incomplete.
Senator Ibrahim also emphasized the economic repercussions, citing a decline in Foreign Direct Investment from $8.8 billion in 2011 to $3.3 billion in 2019, and a current account deficit of $17 billion in 2019. He further noted that public debt has risen from 17% of GDP in 2011 to 29% in 2019.
The Senate expressed concern over the substantial costs of these projects, which represent a significant portion of GDP, and the lack of transparency regarding the total expenditure on public projects since independence. An investigation by the University of Cambridge revealed that 38 projects alone cost Nigeria over $40 billion.
Lawmakers supported the motion, recommending the completion of the Ajaokuta Steel Company to boost industrialization in Nigeria. They advised the government to prioritize finishing abandoned projects over initiating new ones to ensure the functionality of incomplete enterprises.
The Senate resolved to set up an ad-hoc committee to investigate the number of significant projects abandoned across all sectors in Nigeria. Senate President Godswill Akpabio urged the committee to submit its report within one month.