Former Labour Party presidential candidate, Peter Obi, has raised concerns over repeated federal government approvals of trillions of naira to settle debts in the power sector, questioning their impact and transparency.
In a post via his official X handle on Tuesday, Obi said the recent approval of ₦3.3 trillion as a “full and final” payment for power sector liabilities raises serious questions, noting that similar approvals had been made in the past without clear results.
“Let us reflect, sincerely and without sentiment,” he said.
He pointed out that on May 17, 2024, ₦3.3 trillion was approved for the same purpose, while on July 25, 2024, another ₦4 trillion bond was approved to settle similar debts.
“This raises a fundamental question: were the previous approvals mere announcements without execution?” he asked.
Obi expressed concern over the state of electricity supply despite these interventions, recalling campaign promises made by President Bola Tinubu.
“During the 2023 campaign, President Bola Ahmed Tinubu made a clear promise that if he failed to deliver stable electricity, Nigerians should not re-elect him,” Obi said.
“Today, the reality is that power supply has worsened,” he added, noting reports that even the Presidential Villa could face disconnection from the national grid.
He criticised what he described as a pattern of policy announcements without measurable outcomes.
“Each time legitimate concerns are raised, what we see appears more like policy pronouncements than measurable progress,” he said.
Obi further linked the mounting debts to previous administrations, raising concerns about fiscal management.
“These debts were largely accumulated under successive administrations of the All Progressives Congress between 2015 and 2025. This raises serious concerns about accountability, transparency, and effectiveness in public financial management,” he stated.
He also questioned why government institutions, including the Presidential Villa, have not settled their electricity obligations despite budgetary provisions.
“Year after year, budgets were made and funds appropriated. Why then were these obligations not settled when due?” he asked.
Obi raised a series of unanswered questions regarding the power sector debt.
“How did the debt accrue? What is the actual total debt in the power sector? Which components of the debts are due to operators’ inefficiency and should be borne by them? Why have previous approvals not translated into tangible improvements? Who are the real beneficiaries of these repeated payments?” he queried.
He also sought clarity on whether the latest ₦3.3 trillion approval is distinct from previous ones.
“Is the ₦3.3 trillion approved on April 6, 2026, the same as the ₦3.3 trillion approved in May 2024, and how does it relate to the ₦4 trillion bond approved in July 2024?” he asked.
The former presidential candidate called for a shift from repeated announcements to meaningful reforms.
“Nigeria must move beyond recycled announcements and confront the power sector crisis with sincerity, transparency, and decisive reforms,” he said.
He warned that failure to act would prolong the country’s challenges.
“Until we do so, we will remain trapped in a cycle of debt and darkness,” Obi stated, expressing optimism that improvement remains possible with discipline and accountability.