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Millennium Tower Completion Needs $300-400 Billion Naira, Nigeria Minister Says
🇳🇬 Nigeria /Elections & Politics

Millennium Tower Completion Needs $300-400 Billion Naira, Nigeria Minister Says

From Vanguard · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

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  • Completing Abuja's Millennium Tower project will require an estimated ₦300 billion to ₦400 billion, according to the Federal Capital Territory Minister Nyesom Wike.
  • Wike proposed reconsidering the project as a national initiative and developing it into a tourist center, as the cost is too high for the FCT Administration alone.
  • The minister expressed confidence that other ongoing FCT-awarded projects would be finished by year-end, but stressed the Millennium Tower's funding needs are beyond the FCT's current capacity.

The long-stalled Millennium Tower project in Abuja requires an additional ₦300 billion to ₦400 billion to complete, Federal Capital Territory (FCT) Minister Nyesom Wike disclosed on Thursday. He stated that the immense cost is too substantial for the FCT Administration (FCTA) to bear alone.

You know that is a national project, and I believe that it’s one project that government should reconsider. It should be a tourist center project and the capital involved is too huge for the FCT to have this on statutory budget.

— Nyesom WikeMinister of the Federal Capital Territory, explaining the need to reconsider the Millennium Tower project.

Wike suggested that the project, initially awarded during former President Olusegun Obasanjo's administration, should be re-evaluated as a national project. He believes it has the potential to become a significant tourist attraction, rather than being solely funded from the FCT's statutory budget. "We have discussed with the contractor, remember that project was awarded under Obasanjo regime. As I speak to you, it’s not less than 300 to 400 billion Naira that the contractor is talking about," Wike told journalists.

During an inspection of ongoing road projects, Wike assured residents that all FCTA-awarded projects would be completed before the end of the year. However, regarding the Millennium Tower, he reiterated that the sheer scale of funding needed would necessitate abandoning other essential works across the capital if the FCTA were to undertake it solely. "It means that every other project in Abuja will have to be abandoned. But we are still talking to the President that we should reconsider it as a national project," he added.

As I speak to you, it’s not less than 300 to 400 billion Naira that the contractor is talking about.

— Nyesom WikeMinister of the Federal Capital Territory, detailing the estimated cost to complete the Millennium Tower.

The minister emphasized the need for a national approach to fund and reposition the tower, highlighting its potential economic and tourism benefits. The FCTA is currently in discussions with the President about securing national support for the project, acknowledging its current financial infeasibility for the administration alone.

It means that every other project in Abuja will have to be abandoned. But we are still talking to the President that we should reconsider it as a national project.

— Nyesom WikeMinister of the Federal Capital Territory, highlighting the financial challenge of the project for the FCT alone.
DistantNews Editorial

Originally published by Vanguard in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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