The Phase IV of the Federal Capital City will be fully financed by private investors.
In a bid to placate Abuja natives whose lands will be obtained, the Federal Capital Territory Administration, FCTA, promised to compensate the indigenes for all the economic trees and farmlands within their lands.
The Abuja Minister, Bala Mohammed, said this while revealing the land swap model in a meeting with the Chairman of the Abuja Municipal Area Council, Graded Chiefs, District Heads, Village Heads and the
Youth Leaders of communities to be affected by the provision of infrastructure for the 10 new districts under the Land-Swap-Model-Initiative in the Phase IV of the Federal Capital City.
Mr. Mohammed said any square meter of land taken for the proposed model will be completely compensated for as no investor will be allowed to commence work on a land without paying compensation.
The model, which will commence in March 2013, implies that investors will provide capital for the provision of basic infrastructures and then recoup their investment from the sale of such lands.
Mr. Mohammed said government will not invest in the model as it will be absolutely financed by private investors.
The investors are expected to source for N300 billion to finance the projects.
Mr. Mohammed promised that the compensation package will create a synergy between the investors and the natives.
Also speaking at the meeting, the Chief of Garki, Usman Nga-Kupi, said Abuja has come to stay and he would join hands to ensure its success.
Mr. Nga-Kupi used the opportunity to announce that his people will prefer the policy of integration rather than outright resettlement.