Atiku challenges Tinubu to explain $20bn Chagoury deals

Former Vice President Atiku Abubakar has directly challenged President Bola Tinubu to provide explanations regarding approximately $20 billion in projects reportedly associated with Gilbert Chagoury, a close associate of the president. Abubakar cited concerns raised by The Economist, asserting that these international questions elevate the debate over procurement, government contracts, and alleged political influence beyond domestic political criticism.

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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.

Abubakar, through his Senior Special Assistant on Public Communication, Phrank Shaibu, emphasized that the president cannot dismiss these allegations by labeling critics as opposition politicians, as The Economist is an independent publication. He highlighted the immense financial scale of the projects, noting that $20 billion is equivalent to roughly ₦27 trillion at current exchange rates. Abubakar argued that Nigerians, who are enduring higher taxes and economic hardship, deserve transparency on how such substantial project values became concentrated within businesses linked to one individual close to the president.

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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.

"This is not pocket change. This is an amount approaching the scale of entire national budgets," Abubakar stated, criticizing the perception that those around the president might be consolidating control over major contracts while the public is asked to make sacrifices. He demanded specific answers from the presidency concerning the award of these contracts, the adherence to competitive tendering processes, any tax concessions or waivers granted, and the ultimate beneficial ownership of the companies involved. He questioned why the same presidential associate consistently appears in connection with multi-billion dollar projects.

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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?

The ADC chieftain also criticized the presidency's typical response to allegations of corruption and cronyism, which he described as attacking political opponents rather than substantively addressing the claims. Abubakar stressed that President Tinubu should directly answer the questions posed by The Economist, an entity not involved in Nigeria's electoral process. He underscored the sensitivity of these issues, particularly in light of the administration's economic reform agenda, which requires significant public sacrifice.

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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.