N27 Trillion Contract To Chagoury: Tinubu Must Answer The Economist Magazine's Queries ----- Atiku

Former Vice President of Nigeria and Presidential Candidate of the African Democratic Congress, ADC, Atiku Abubakar, has asked President Bola Tinubu explain the disturbing questions raised by The Economist Magazine over $20 billion (about N27 trillion) worth of contracts linked to his longtime friend and associate, Gilbert Chagoury.

Aug 11, 2026 - 15:23

N27 Trillion Contract To Chagoury: Tinubu Must Answer The Economist Magazine's Queries ----- Atiku

...Says The Economist is not an opposition party or on the ballot; President must answer its questions

Former Vice President of Nigeria and Presidential Candidate of the African Democratic Congress, ADC, Atiku Abubakar, has asked President Bola Tinubu explain the disturbing questions raised by The Economist Magazine over $20 billion (about N27 trillion) worth of contracts linked to his longtime friend and associate, Gilbert Chagoury.

That Economist had in its August 6, 2026 article raised alarm that Tinubu, whom it described as "Nigeria's builder-in-chief" was betting big on concrete flagship projects including the 700 km Lagos-Calabar Coastal Highway; new rail lines, and housing to "build his way out" of Nigeria's economic problems with infrastructure-led growth, warning that

the huge spending posed a lot of risks.

According to The Economist, the Tinubu administration was not careful about mounting debt and huge costs of the projects funded with more borrowing, even as Nigeria's debt service already eats a huge chunk of revenue.

The magazine also noted "Corruption and Execution associated with "big build projects in Nigeria, with history of overruns, poor quality, and political patronage, questioning the Opportunity Cost.

According to The Economist, "Money going to concrete means less for Health, Education, and fixing power. With inflation still high and poverty deep, critics say it's "roads before people."

It further framed Tinubu as trying to cement a legacy and reward allies (like

Chagoury) through contracts. The "builder in - Chief" brand of Tinubu, is also political — visible projects ahead of 2027 elections, as the piece profiles him as focusing on his massive infrastructure push in his first 3 years.

The bottom line of The Economist's argument is that infrastructure is not bad. The alarm is that without fixing governance, transparency, and maintenance, Nigeria could end up with "white elephant" projects, more debt, not transformation.

However, in a statement by Atiku's Senior Special Assistant on Public Communications, Phrank Shaibu, the ADC presidential candidate said the reported revelations have elevated concerns about the Tinubu administration’s procurement practices from domestic suspicion to an international credibility crisis.
His words, “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.”
According to Atiku, the Presidency must respond specifically to the issues reportedly raised by The Economist 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 further said that the controversy strikes at the heart of the administration’s credibility because Nigerians were 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 ₦27 trillion worth of projects linked to your friend. That is not reform. It is an assault on public trust.”
Atiku, then urged 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. ₦27 trillion demands answers. President Tinubu must provide them.”