Abuja - Minister of FCT, Bala Mohammed, on Wednesday said that the Federal Capital Administration had attracted 4.6 billion dollar (about N690 billion) worth of investments since its inception.
He disclosed this while briefing State House correspondents on the outcome of the Federal Executive Council (FEC) meeting presided over by President Goodluck Jonathan at the State House, Abuja.
Mohammed, who briefed alongside the Minister of Information, Labaran Maku, said that the Council meeting was devoted to the performance review of the Ministry of Labour and Productivity and the FCT Administration.
According to him, the investments attracted are private sector driven and cut across world class malls, industrial parks, new districts development and outdoor advertising projects.
``We have access to private sector investments to the tune of 4.6 billion dollars since we came on board.
``Some of them are visible, we can see them like the World Trade Centre that is almost 75 percent completed at the Central Business District, you can see it is being done by Churchgate.
``We have the Dallas Kara Way District, the Abuja Industrial Park, the outdoor advertising that we are doing and the company with the private sector,’’ the minister said.
Mohammed said ``we have eight districts for the land swap at phase four of the city where we are going to develop estate that will be given to private sector and using the land as a resource to pay them off’’.
``There, we have about N350 billion money which we would have otherwise spent through the normal budgetary allocation.’’
The minister also disclosed that in the last 20 years, the FCTA had a debt profile of more than N420 billion.
Mohammed said that the administration would leverage on the private sector and source alternative funding through multi-lateral and bi-lateral areas to bridge the financial gap.
``We have a lot of gaps in terms of indebtedness over the years, not just now with over 20 years. We have a debt of over N420 billion and we have craved the indulgence of the Coordinating Minister.
``She has agreed and Council has noted our own recommendation to float an FCT Development Bond.
``We can float the bond after we must have established a sound legal frame work for the establishment of FCT Revenue Board that can be tasked to float that bond so that we can pay all our indebtedness and do new projects and programmes,’’ he said.
Mohammed said that FCTA made progress in the development of existing districts like Kado, Mabutshi, Durumi and Gwarimpa which were already occupied without primary infrastructure.
According to him, the FCTA will take over waste management from the area councils to rid the city and the satellite towns of refuse.
To this end, he said that the FCTA would start a waste to power and waste recycling programme in 2013.
Mohammed identified over-population and inadequate resources, among others, as part of the challenges facing the FCTA.
According to him, the territory which by planning and arrangement ought to have less than a million people, now has about five million population.
He said the security situation in the crisis states and the tendency for everybody to relocate to the FCT was responsible for the population explosion. (NAN)