Phrank Shaibu has said his principal, former Vice President Atiku Abubakar, has been vindicated after he raised the alarm that the cost of the Lagos–Calabar Coastal Highway project was inflated to an outrageous ₦8 billion per kilometre.

Shaibu recalled that 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 ₦4 billion instead of the ₦8 billion claimed by the former Vice President,” Umahi said.

In a statement on Wednesday, he said the same minister has now done a volte face and admitted that the actual cost is indeed closer to ₦8 billion per kilometre — precisely what Atiku warned Nigerians about.

He said the 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."

Atiku's aide, therefore, called on the Tinubu administration to: 1. Publish the full contractual details, including financing terms and counterpart obligations; 2. Subject the project to an independent value-for-money audit; and 3. Suspend further payments until Nigerians are assured that the project genuinely serves national interest.

ASA