Abuja, Nigeria — Former Labour Party presidential candidate, Peter Obi, has expressed serious concerns over President Bola Tinubu’s recent approval of N3.3 trillion for clearing debts in Nigeria’s power sector, describing it as a continuation of what he called “Nigeria’s Power Crisis Without End.”
In a statement shared on his social media accounts, Obi highlighted that this new approval comes barely two years after the same amount was approved on May 17, 2024, raising questions about accountability and execution.
“Today, the reality is that power supply has worsened, to the extent that there are even discussions about disconnecting the Presidential Villa from the national grid,” Obi said, noting the ongoing struggles of Nigerians with electricity shortages despite significant financial interventions.
Obi pointed out that, coupled with other approvals, a N4 trillion bond was also approved in 2024 to settle similar debts. He questioned whether these prior approvals were mere announcements rather than actionable measures, highlighting gaps in transparency and effectiveness in public financial management.
“These debts were largely accumulated under successive administrations of the All Progressives Congress (APC) between 2015 and 2025,” Obi stated, emphasizing that government agencies, including the Presidential Villa, owe a significant portion of the outstanding debts.
He further questioned the source of the new funds, asking whether the government will resort once again to borrowing to pay for systemic inefficiencies:
“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?”
Obi also raised several key questions regarding the management of the power sector, which he believes remain unanswered:
How did the debt accrue?
What is the actual total debt in the power sector?
Which 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?
Is the N3.3 trillion approved on April 6, 2026, the same as the N3.3 trillion approved in May 2024, and how does it relate to the N4 trillion bond approved in July 2024?
Obi criticized what he described as policy pronouncements lacking measurable progress. He stressed the need for sincerity, transparency, and decisive reforms in tackling Nigeria’s longstanding power sector challenges.
“Until we do so, we will remain trapped in a cycle of debt and darkness,” Obi warned, urging the government to address inefficiencies rather than rely on repeated financial interventions.
He concluded with a message of optimism contingent on proper governance:
“But with discipline, accountability, and the right leadership, a new Nigeria is still possible.”
The approval of N3.3 trillion by President Tinubu is part of ongoing efforts to clear accumulated debts in the power sector, which have long hindered electricity supply and infrastructure development. Despite multiple interventions and billions allocated in previous years, Nigerians continue to face irregular power supply and rising costs, fueling public frustration and scrutiny of government expenditure.
Obi’s statement adds to growing criticism of the government’s handling of the power sector, particularly in light of promises made during the 2023 presidential campaign regarding stable and reliable electricity supply.
