Analyst Slams ₦39bn International Conference Centre Renovation Cost, Demands Transparency
Financial analyst and former banker, Etim-Etim, has raised concerns over the ₦39 billion spent on renovating Abuja’s International Conference Centre, describing the cost as excessive and calling for greater transparency in public spending.
Speaking on Inside Sources with Laolu Akande on Channels Television, Etim questioned how a facility built for less than ₦300 million in 1991 could now require a ₦39 billion upgrade.
“Even after adjusting for inflation and currency devaluation, ₦39 billion cannot be justified,” he stated.
Etim’s comments came during a discussion evaluating President Bola Tinubu’s two-year administration. He criticized what he called a decline in governance quality and a lack of accountability in federal projects.
“Governance has deteriorated. There’s growing concern about authoritarianism, disregard for the rule of law, and opacity in government transactions,” he said.
The renovation project, which was officially commissioned on Tuesday and renamed after President Bola Ahmed Tinubu, has faced backlash from several quarters, with many calling the cost outrageous.
Wike Defends Project, Blasts Critics
However, Federal Capital Territory (FCT) Minister Nyesom Wike defended the renovation during a separate event in Abuja, claiming the facility was essentially rebuilt.
“Apart from the block work, everything in that building was changed. People who criticise it don’t have good taste,” Wike said.
He further argued that renaming the centre after Tinubu was justified:
“People complain it wasn’t named after the person who built it. But Nnamdi Azikiwe International Airport wasn’t built by Azikiwe. The same goes for Moshood Abiola Stadium.”
Wike insisted that the conference centre reflects Nigeria’s stature as the "Giant of Africa" and said it must be seen, not just proclaimed.
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