Obi questions credibility of ₦3.3 trillion power debt payment

Africa, Politics

ABUJA, NIGERIA, 7 April 2026 (NPA) — A senior figure in the African Democratic Congress (ADC) and a presidential aspirant, Mr Peter Obi, has criticised the Federal Government’s latest approval of ₦3.3 trillion to settle accumulated power sector debts.

In a statement today, titled “Let us reflect, sincerely and without sentiment”, Obi noted that this is not the first such announcement. He recalled that on 17 May 2024, ₦3.3 trillion was approved for the same purpose, followed by another ₦4 trillion bond on 25 July 2024. Several other approvals have been made in between, all ostensibly aimed at addressing the same liabilities.

“This raises a fundamental question: were the previous approvals mere announcements without execution?” Obi asked.

During the 2023 campaign, President Bola Ahmed Tinubu pledged that if he failed to deliver stable electricity, Nigerians should not re-elect him. Yet, power supply has deteriorated further, with reports even suggesting that the Presidential Villa may be disconnected from the national grid.

Obi argued that repeated approvals appear more like policy pronouncements than genuine progress. He stressed that the debts were largely accumulated under successive APC administrations between 2015 and 2025, raising serious concerns about accountability, transparency, and financial management.

He pointed out that government institutions, including the Presidential Villa, owe a significant portion of these debts. “Year after year, budgets were made and funds appropriated. Why then were these obligations not settled when due? And from what source will this new payment be made? Are we resorting once more to borrowing to service inefficiencies?”

Key questions, Obi said, remain unanswered:

• How did the debt accrue?
• What is the actual total debt in the power sector?
• Which components 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?

Obi concluded: “Nigeria must move beyond recycled announcements and confront the power sector crisis with sincerity, transparency, and decisive reforms. Until we do so, we will remain trapped in a cycle of debt and darkness. But with discipline, accountability, and the right leadership, a new Nigeria is still possible.”