Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has called on President Bola Tinubu to explain questions reportedly raised by The Economist over about $20 billion worth of projects allegedly linked to Lebanese-Nigerian businessman Gilbert Chagoury, a long-time associate of the President.
Atiku said the reported concerns had raised questions about the administration’s procurement practices, taxation and the relationship between political proximity and access to major government projects.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the reported revelations had elevated concerns about the Tinubu administration’s procurement practices from domestic suspicion to what he described as an international credibility crisis.
He said the projects, if accurately reported, were worth approximately N27 trillion at prevailing exchange rates, adding that Nigerians deserved to know how contracts of such magnitude became concentrated around businesses linked to Chagoury.
“At prevailing exchange rates, $20 billion is approximately ₦27 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 questioned whether the projects were competitively tendered and called for details of the contracts, tax concessions, waivers and other privileges allegedly granted in connection with them.
“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? And why does the same presidential associate keep appearing around projects worth billions of dollars?” he asked.
Atiku also urged the Presidency to respond directly to the issues reportedly raised by The Economist, arguing that the publication should not be dismissed as a political opponent.
“President Tinubu cannot answer every allegation of corruption and cronyism by deploying presidential spokesmen to abuse critics. The Economist is not an opposition party. It is not on the ballot in 2027. The President should answer the questions it has raised,” he said.
The former vice president linked the controversy to the economic difficulties facing Nigerians, including higher taxes and rising living costs, saying citizens were being asked to make sacrifices while questions remained over projects allegedly connected to a presidential associate.
“You cannot preach sacrifice to hungry Nigerians while questions hang over ₦27 trillion worth of projects linked to your friend. That is not reform. It is an assault on public trust,” he said.
Atiku therefore challenged the Presidency to make public the procurement details, ownership structures, tax concessions and other relevant information concerning the projects reportedly identified by The Economist.
“Nigeria is a republic, not a friends-and-family investment portfolio. ₦27 trillion demands answers. President Tinubu must provide them,” he said.