FORMER Vice President and African Democratic Congress (ADC) presidential candidate for the 2027 election, Atiku Abubakar, has challenged President Bola Tinubu to account for government borrowing, cash transfers and major contracts before declaring that Nigeria has entered an “age of prosperity.”
Abubakar made the demand in his Independence Day response to Tinubu’s national broadcast on Thursday, October 1, in which the president declared that the difficult phase of his administration’s economic reforms was over and that Nigeria had entered an “age of prosperity.”
Tinubu in his address had said his government’s next priority was to deliver shared and widespread prosperity by reducing the cost of living, creating jobs, reviving industries and strengthening support for vulnerable Nigerians.
But Abubakar questioned whether those promises would translate into tangible relief for Nigerians.
He particularly challenged the government’s use of loans and credit programmes to address challenges in education and household consumption, asking officials to disclose what the programmes had delivered, who benefited, and how much beneficiaries would have to repay.
The former vice president also questioned the coexistence of the 2025 and 2026 budgets, asking the government to account for what had been funded, completed and left unpaid.
Atiku demands details of major contracts
Abubakar also demanded transparency over the Lagos-Calabar Coastal Highway contract awarded to Hitech, a company of the Chagoury Group.
He alleged that the contract was awarded without an open public tender and challenged the government to publish the invitations, bids, evaluation documents, final contract and variations.
Abubakar also raised concerns over local contractors who, he said, had completed government projects but remained unpaid after borrowing money to execute the contracts.
On public debt, he cited Nigeria’s debt at ₦166.79 trillion as of June 2026 and questioned the government’s discussion of another $1.5 billion World Bank loan.
Questions ₦750bn cash transfer claim
The former vice president also questioned the reported payment of ₦75,000 to more than 10 million Nigerians, which would amount to at least ₦750 billion.
He asked the government to explain how beneficiaries were identified, contacted and paid, particularly in Yobe and Borno, where insecurity can make access difficult.
He also referred to the death of three people in a stampede at the Niger State Government House amid reports that the crowd gathered to receive ₦10,000 palliative.
Abubakar said the incident raised questions about the economic conditions facing Nigerians at a time the government was declaring an “age of prosperity.”
He further challenged Tinubu’s promise of lower transport fares from October 1, demanding details of the routes where fares had been reduced, the previous fares, new fares and number of beneficiaries.
He also disputed Tinubu’s claim that salaries and pensions had been paid “on time and in full”, pointing to complaints over unpaid adjustments, wage awards and promotion arrears.
Tinubu, in his Independence Day address, had said his administration had paid salaries and pensions on time and in full since 2023, while promising further support for vulnerable households through programmes including the National Social Register, Nigerian Education Loan Fund and CREDICORP.
The president also said the government’s economic reforms had stabilised the economy, citing growth of more than four per cent, falling inflation, rebuilt foreign reserves, a stabilised foreign exchange market, and more than $6 billion in non-oil export revenue in 2025.
Abubakar, however, said Nigerians should judge the administration’s claims of prosperity against what they could afford and the services they received.
He urged Nigerians to scrutinise the records and promises of political candidates ahead of the 2027 election.
He also advised the citizens to reject Tinubu’s claim of rebuilding the nation.
The ICIR reports that Abubakar, who is attempting to be Nigeria’s president for the seventh time, will face Tinubu, who is seeking re-election for the second and final term.
The contenders in the election, scheduled for January 16, 2027, include former governor Peter Obi and activist Omoyele Sowore, among others.
Mustapha Usman is an investigative journalist with the International Centre for Investigative Reporting. You can easily reach him via: musman@icirnigeria.com. He tweets @UsmanMustapha_M