Atiku Camp Questions $700bn Nigeria-US Mining Deal, Demands Full Disclosure

The media aide to the presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, Paul Ibe, has challenged the Federal Government to disclose the full details of its recently signed mining framework with the United States.

Ibe, in a statement posted on his X account on Tuesday, said the $700 billion figure being associated with the agreement was not the amount of investment being provided by the United States, but the estimated value of Nigeria’s mineral resources.

He therefore demanded that the Federal Government publish the agreement and explain the specific obligations and benefits arising from it.

“Where is the agreement?” Ibe asked, arguing that Nigerians deserved more than photographs, handshakes, speeches and press releases over resources potentially worth hundreds of billions of dollars.

He sought clarification on the minerals covered by the agreement, including whether it applied to lithium, gold, rare earths or other strategic minerals.

Ibe also questioned whether American companies would receive preferential access to Nigeria’s mineral resources and what arrangements had been made concerning geological data generated from exploration.

He further demanded details of any tax concessions, guarantees or preferential fiscal arrangements contained in the deal.

According to him, the government should also clarify whether minerals extracted under the agreement would be processed in Nigeria or exported as raw materials.

He asked what binding provisions had been included to guarantee Nigerian jobs, local content, technology transfer and value addition, as well as how disputes arising from the agreement would be resolved.

Ibe also raised questions about possible annexes, side letters and implementation agreements which, he said, may not have been made available to Nigerians.

He particularly questioned whether the National Assembly had received the complete document and whether relevant committees had scrutinised its provisions.

“The National Assembly is not a spectator,” Ibe said, citing Section 12 of the Constitution, which provides that a treaty between Nigeria and another country cannot have the force of law in Nigeria unless enacted by the National Assembly.

He also referred to Sections 88 and 89 of the Constitution, which confer investigative and oversight powers on the legislature.

Ibe, however, noted that not every framework agreement automatically requires prior legislative approval, but argued that the National Assembly would have a legitimate constitutional responsibility to scrutinise aspects involving fiscal concessions, guarantees, public expenditure, changes to Nigerian law or commitments affecting strategic national resources.

He questioned why an agreement involving mineral resources estimated by the Federal Government at $700 billion should remain unavailable for full public and institutional scrutiny.

“The United States is entitled to negotiate aggressively in pursuit of its national interest. Nigeria must be equally determined to protect Nigeria’s interest,” he said.

Politics Nigeria reports that the Federal Government and the US had signed the framework to deepen American investment in Nigeria’s mining sector and promote the development of the country’s mineral resources.

The agreement was signed by the Minister of Solid Minerals Development, Dele Alake, and the US Deputy Secretary of State, Christopher Landau, at the Nigeria Mission House in New York on Wednesday, on the sidelines of the 81st United Nations General Assembly.

Alake said the framework would cover geological data and exploration, mineral development and processing, infrastructure and technical capacity.

According to the minister, Nigeria’s mineral resources are estimated at about $700 billion.

Alake said the government wanted to move Nigeria beyond the export of raw materials by promoting local processing, creating quality jobs, developing skills and expanding opportunities for Nigerian businesses.

He added that the government would, in the coming months, identify viable projects and develop partnerships capable of creating value for Nigerians and US partners.

Ibe, however, urged the government to publish the deal, including any annexes and side letters, and disclose whether the complete agreement had been transmitted to the National Assembly.

“Let us know exactly what America gets and exactly what Nigeria gets,” he said.

He added that Nigeria’s mineral wealth belonged to the country and should not be governed by agreements kept away from public scrutiny.

“Mr President, publish the deal. Let the National Assembly scrutinise what falls within its constitutional powers. Let Nigerians read the agreement and judge for themselves.”