Atiku Challenges Tinubu To Explain $20bn Chagoury-Linked Projects

Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has challenged President Bola Tinubu to explain questions reportedly raised by The ECONOMIST over about $20 billion worth of projects linked to Lebanese-Nigerian businessman, Gilbert Chagoury.

Atiku, in a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, said the reported revelations had elevated concerns over the Tinubu administration’s procurement practices from domestic suspicion to an international credibility crisis.

According to him, the value of the projects, estimated at about ₦27 trillion at prevailing exchange rates, requires the federal government to provide Nigerians with detailed explanations on how contracts of such magnitude became concentrated around businesses linked to Chagoury, whom he described as a long-time associate of the president.

“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.

“This is not pocket change. This is an amount approaching the scale of entire national budgets. Nigerians cannot be asked to tighten their belts while those around the President appear to be tightening their grip on some of the biggest contracts in the country.”

Atiku specifically called on the Presidency to address issues reportedly raised by The Economist regarding procurement processes, taxation and the relationship between political proximity and access to major government projects.

“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?

“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.”

The former vice president said the controversy had implications for the credibility of the Tinubu administration, particularly at a time Nigerians are facing higher taxes, rising living costs and economic hardship.

“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.”

Atiku subsequently challenged the Presidency to make public the procurement details, ownership structures, tax concessions and other relevant information concerning the projects.

“Nigeria is a republic, not a friends-and-family investment portfolio. ₦27 trillion demands answers. President Tinubu must provide them,” he said.