Former presidential candidate Peter Obi has raised concerns over what he described as repeated approvals of trillions of naira to address Nigeria’s power sector debts, questioning the transparency and effectiveness of such interventions.
In a statement shared via his X account on Tuesday, Obi called for a critical review of the Federal Government’s recent approval of ₦3.3 trillion as a “full and final” settlement of liabilities in the electricity sector.
He noted that the latest approval is not the first of its kind, recalling that a similar ₦3.3 trillion was approved on May 17, 2024, followed by another ₦4 trillion bond approval on July 25, 2024, alongside other financial interventions aimed at resolving the same issue.
According to Obi, the recurrence of such approvals raises fundamental questions about whether previous allocations were fully implemented or merely announced without execution.
He also referenced campaign commitments made by President Bola Ahmed Tinubu in 2023, particularly the promise to deliver stable electricity or face electoral consequences, arguing that the current reality reflects worsening power supply across the country.
Obi expressed concern that despite repeated financial commitments, Nigerians have yet to see measurable improvements in electricity supply, noting that public frustration continues to grow amid persistent outages.
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The former governor highlighted broader issues of accountability, stating that a significant portion of the debts reportedly originated from government institutions and agencies, including the Presidential Villa, despite annual budgetary provisions.
He questioned why such obligations were not settled when due and sought clarity on the source of funding for the latest approval, raising concerns about potential reliance on borrowing.
Obi further called for transparency regarding the total debt profile of the power sector, the specific beneficiaries of the payments, and the extent to which inefficiencies among operators have contributed to the liabilities.
He warned that without structural reforms and clear accountability mechanisms, Nigeria risks remaining trapped in a cycle of debt and unreliable electricity supply.
Emphasising the human impact of the crisis, Obi noted that ordinary Nigerians continue to bear the burden through high energy costs, reliance on alternative power sources, and limited access to stable electricity.
He urged the government to move beyond repeated announcements and adopt a more transparent and reform-driven approach to resolving the sector’s challenges, stressing that sustainable progress depends on discipline, accountability, and effective leadership.