Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has called on President Bola Tinubu to provide explanations over reports concerning about $20bn worth of projects allegedly linked to Lebanese-Nigerian businessman Gilbert Chagoury, a long-time associate of the President.
Atiku’s demand followed a report by The Economist, which he said had raised fresh questions about procurement, taxation and the relationship between political connections and access to major government projects under the Tinubu administration.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the development as a serious issue that could affect the credibility of the Federal Government.
According to him, the reported $20bn is equivalent to approximately N27tn at prevailing exchange rates, making the issue too significant to be ignored.
“At prevailing exchange rates, $20 billion is approximately N27 trillion. Nigerians deserve to know how projects of such staggering value became concentrated around businesses linked to one man who happens to be a close associate of the President,” Atiku said.
He argued that the amount was comparable to the scale of Nigeria’s annual national budgets and questioned why Nigerians should continue to endure economic hardship while businesses allegedly connected to presidential associates benefit from major government projects.
Atiku raises procurement questions
The former Vice President urged the Presidency to address specific questions surrounding the projects reportedly identified by The Economist.
He asked who awarded the contracts, whether they were subjected to competitive bidding, what tax concessions or waivers were granted and who ultimately owns the companies involved.
“The questions are simple: Who awarded these contracts? Were they competitively tendered? What tax concessions, waivers or privileges were granted? Who are the ultimate beneficial owners?” he asked.
Atiku also questioned why the same presidential associate allegedly continued to feature prominently around projects running into billions of dollars.
He said the Presidency should respond directly to the issues raised by the international publication rather than dismissing criticism or attacking political opponents.
“President Tinubu cannot answer every allegation of corruption and cronyism by deploying presidential spokesmen to abuse critics,” Atiku said.
“The Economist is not an opposition party. It is not on the ballot in 2027. The President should answer the questions it has raised.”
‘Nigerians deserve transparency’
Atiku said the controversy was particularly concerning because Nigerians were already dealing with higher taxes, rising living costs and significant economic pressures.
He argued that the government’s call for citizens to make sacrifices must be matched by transparency and accountability in the management of public resources.
“You cannot preach sacrifice to hungry Nigerians while questions hang over N27 trillion worth of projects linked to your friend. That is not reform. It is an assault on public trust,” he said.
The ADC presidential candidate therefore challenged the Federal Government to make public the procurement records and other relevant details relating to the projects.
He specifically called for the disclosure of procurement processes, ownership structures, tax concessions and other benefits allegedly associated with the projects.
Atiku maintained that transparency was essential to restoring public confidence in the government.
“Nigeria is a republic, not a friends-and-family investment portfolio. N27 trillion demands answers. President Tinubu must provide them,” he said.
