Former Vice President and presidential candidate of the People’s Democratic Party (PDP), Atiku Abubakar, has launched a scathing attack on President Bola Tinubu over his economic management of the country.
In a statement issued on his behalf by his media adviser, Paul Ibe, on Sunday, Atiku accused President Tinubu of placing personal interests over that of the country. He cited an example with the execution of the Lagos-Calabar Coastal Road project.
Atiku alleged that the hurried advancement of the coastal highway project is primarily due to a business relationship between the President and Gilbert Chagoury – owner of Hitech Construction coy, the sole firm contracted to do the project.
The 700 km road will cost Nigeria’s taxpayers about N11 trillion, or $13 billion.
Atiku assert that this contract was awarded in contravention of procurement regulations. He said he found out that Tinubu’s son, Seyi, is on the board of CDK Integrated Industries – a subsidiary of the Chagoury Group.
His statement reads in part,
Thanks to quality reporting by Africa Intelligence, our suspicions have been confirmed that Chagoury and Tinubu are indeed business partners and it has been formalised with Seyi on the board of one of Chagoury’s firms.
It is on record that this project is the most expensive single project ever embarked upon by the Nigerian government. The fact that it is happening at a time when Nigeria is facing its worst economic crisis ever is a red flag.
To add insult to injury, this project that is being done in excess of $13bn was awarded without a competitive bidding.
The ex-VP condemned the disregard for legislative oversight, claiming that while the National Assembly approved N500 million for the project, over N1 trillion was already disbursed by the Tinubu administration without national assembly approval.
Furthermore, Atiku raised the issue of the negative perception foreign investors may have of the investment climate in Nigeria seeing the wanton destruction of tourist and recreational investments along the corridor of the purported project.
Furthermore, the statement reads in part,
Tinubu has been globetrotting in search of foreign direct investments. He claims to have secured over $30 billion from various companies, but none has been forthcoming.
Investors are seeing how local businesses are being treated and will not come to a place where their investments will not be protected. In saner climes, businesses such as Landmark would have been given at least two years’ notice in order for effective planning. But Tinubu’s eagerness to satisfy his business partners impaired his ability to coordinate the project properly.
The awarding of the Lagos-Calabar coastal highway was rushed; the environmental impact assessment report was not even completed; the right of way for the 700 km stretch of the highway project was not secured; it was converted from a PPP to a government funded project within the twinkle of an eye.
TheN500m that was approved by the National Assembly for the project was ignored, while over N1tn was released by Tinubu’s administration without approval from the National Assembly.
The former vice president lambasted Tinubu and the ruling APC for mishandling Nigeria’s economy, which according to the International Monetary Fund – IMF, is estimated at the end of the year to downgrade to the fourth largest African economy from the first it was just 9 years ago, when the PDP gave up power.
Is Umahi’s Concrete Road Concept Failing?
The Lagos-Calabar road will be built on cement concrete technology rather than asphalt. This is championed by Works Minister, David Umahi. But African Independent Television (AIT) below, takes a critical look at the deteriorating state of some of the cement concrete roads built by Mr. Umahi in Ebonyi State, where he served as governor for eight years.
Please comment and share this article, & follow us on our social media handles.
WhatsApp Channel
Telegram Channel
