Shaibu in a statement on Wednes­day, asked the Federal Government to publish full contractual details, sub­ject the project to an independent val­ue-for-money audit and suspend further payments.

The statement reads, “When the Tinubu administration unveiled the Lagos–Calabar coastal highway proj­ect, former Vice President Atiku Abu­bakar raised the alarm that the project’s cost was inflated to an outrageous N8 billion per kilometre. ­

“At the time, the Minister of Works, David Umahi, dismissed the claim, insisting in a 2024 in­terview that: ‘You will find out that our cost is N4 billion instead of the N8 billion claimed by the former vice president.’

“However, the same minister has now done a volte face and admitted that the actual cost is indeed closer to N8 billion per ki­lometre — precisely what Atiku warned Nigerians about.”

He added, “This admission not only vindicates the former vice president’s position but also exposes the Tinubu admin­istration’s lack of transparency in managing one of the most ex­pensive infrastructure projects in Nigeria’s history.

“Atiku had earlier questioned both the cost structure and fi­nancing model of the coastal highway, describing it as opaque, inflated, and suspiciously de­signed to benefit vested interests rather than the Nigerian people.

“Now, even by the minis­ter’s own account, the Federal Government’s commitment is only 15%–30% of the total project cost, meaning the bulk of the estimated $11 billion would supposedly be sourced by the contractor. This raises fundamental questions: Who are the actual financiers? What sovereign guarantees underpin this arrangement? How did a project initially presented as cost-efficient balloon to Atiku’s projected figure?

“This development reinforc­es Atiku Abubakar’s consistent call for due process, competitive bidding, and transparency in all major public projects. Nigerians deserve openness, not contradic­tions and concealed deals.

“Once again, Atiku has prov­en himself a statesman who speaks truth to power — not out of politics, but out of patrio­tism. He understands that every inflated contract represents theft from the Nigerian people.

“We, therefore, call on the Tinubu administration to: Pub­lish the full contractual details, including financing terms and counterpart obligations; subject the project to an independent val­ue-for-money audit; and suspend further payments until Nigerians are assured that the project gen­uinely serves national interest.

“The Nigerian people are watching — and history, yet again, has vindicated Atiku Abubakar.”