Former Vice President Atiku Abubakar has challenged President Bola Tinubu to address concerns raised by *The Economist* regarding $20 billion (approximately ₦27 trillion) worth of government projects allegedly linked to his long-time associate, Gilbert Chagoury.
Atiku, the presidential candidate of the African Democratic Congress (ADC), said the international spotlight on the deals has elevated the debate over public procurement, government contracts, and alleged cronyism under the Tinubu administration beyond domestic political bickering.
In a statement issued on Monday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku urged the presidency not to dismiss the report as mere opposition posturing, noting that the British-based publication is neither a political party nor 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 scale of the contracts as too significant to ignore, especially as the administration repeatedly asks citizens to endure economic hardships, rising inflation, and higher taxes.
“This is not pocket change; this is an amount approaching the scale of entire national budgets,” Atiku said. “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.”
The ADC chieftain demanded that the presidency provide specific answers regarding the procurement process for the projects. He questioned whether the contracts were competitively tendered, what tax concessions or waivers were granted, and who the ultimate beneficial owners of the executing firms are.
Atiku also criticized the presidency’s tendency to respond to allegations of corruption and cronyism with personal attacks on critics rather than addressing the issues raised.
“President Tinubu cannot answer every allegation of corruption by deploying spokesmen to abuse critics. *The Economist* is not on the ballot in 2027. The president should answer the questions it has raised,” he added.
He argued that the controversy is particularly sensitive given the administration’s ongoing economic reform agenda, which has seen the removal of petrol subsidies and the unification of the foreign exchange market.
“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,” Atiku said.
He challenged the Federal Government to make public the procurement records, ownership structures, and tax arrangements for all projects linked to Chagoury-affiliated interests.
Gilbert Chagoury, a Lebanese-Nigerian billionaire and founder of the Chagoury Group, has maintained a decades-long relationship with President Tinubu. His conglomerate holds major interests in Nigeria’s construction, real estate, hospitality, and infrastructure sectors, including the multibillion-dollar Eko Atlantic City project.
The presidency has yet to issue a formal response to the specific allegations.
