Nigeria’s former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has demanded that President Bola Tinubu explain questions reportedly raised by the August 9, 2026 edition of The Economist magazine in which over more than $20 billion worth of projects were allegedly linked to Gilbert Chagoury, a long-time associate of the President.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku argued that the reported revelations have elevated concerns about the Tinubu administration’s procurement practices from domestic suspicion to an international credibility crisis.
According to Atiku, “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.
“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,” the former vice president alleged.
Atiku insisted that the Presidency must respond specifically to the issues reportedly raised by The Economist magazine concerning procurement, 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.”
Atiku argued that the controversy strikes at the heart of the administration’s credibility because Nigerians are simultaneously being subjected to higher taxes, soaring living costs and unprecedented economic hardship in the name of sacrifice.
“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.”
The former vice president therefore challenged the Presidency to publish 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. N27 trillion demands answers. President Tinubu must provide them.”
Chuks Okocha
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