Ex-Vice President Atiku Abubakar has challenged President Bola Tinubu to explain questions reportedly raised by The Economist about $20bn worth of projects allegedly linked to Gilbert Chagoury, a long-time associate of the president.
Atiku, the presidential candidate of the African Democratic Congress, said the reported concerns had taken the debate over procurement, government contracts and alleged political influence under the Tinubu-led government beyond domestic political criticism and into the international arena.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, on Monday, Atiku said the president could not dismiss the concerns by portraying his critics as opposition politicians, noting that The Economist was not a political party or an electoral opponent.
“At prevailing exchange rates, $20bn is approximately ₦27tn. 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 described the reported value of the projects as too significant to be ignored, particularly at a time when Nigerians are being asked to endure higher taxes, rising living costs and economic hardship.
“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,” he said.
Atiku called on the presidency to provide specific answers to the issues reportedly raised by the British-based publication, particularly concerning the award of contracts, competitive tendering, tax concessions and the ownership of companies involved in the 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?” he asked.
The ADC chieftain also criticised what he described as the presidency’s tendency to respond to allegations of corruption and alleged cronyism by attacking political opponents and critics rather than addressing the substance of the claims.
“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,” Atiku said.
He argued that the issue was particularly sensitive because of the administration’s economic reform agenda, which has required Nigerians to make significant sacrifices through increased taxes, higher living costs and the removal of longstanding subsidies.
“You cannot preach sacrifice to hungry Nigerians while questions hang over ₦27tn worth of projects linked to your friend. That is not reform. It is an assault on public trust,” he said.
Atiku consequently challenged the Federal Government to make public the procurement records, ownership structures, tax concessions and other relevant details relating to the projects reportedly identified by The Economist.
“Nigeria is a republic, not a friends-and-family investment portfolio. ₦27tn demands answers. President Tinubu must provide them,” he said.
Chagoury, a Lebanese-Nigerian businessman and founder of the Chagoury Group, has maintained a longstanding relationship with Tinubu. His business interests span several sectors, including construction, real estate, hospitality and infrastructure.
The latest controversy comes amid heightened scrutiny of government procurement and major infrastructure projects under the Tinubu administration, particularly as the Federal Government pursues large-scale investments while implementing sweeping fiscal and economic reforms.
Atiku’s intervention also comes as political parties and opposition figures intensify scrutiny of the administration ahead of the 2027 general election.
The ADC presidential candidate has repeatedly called for greater transparency in public contracting and the disclosure of information that would enable Nigerians to determine whether government projects are awarded through competitive and transparent processes.
The central question raised by Atiku is whether the government will provide detailed public documentation showing how the projects linked to Chagoury-affiliated interests were awarded, the companies that received them, their beneficial ownership, the applicable tax arrangements and the value delivered to the Nigerian public.
For Atiku, the issue is therefore not simply the identity of the businessman involved, but whether public resources and contracts are being administered in a manner that meets the standards of transparency, competition and accountability expected in a democratic government.
