Power debt: Peter Obi queries N3.3tn approval, demands transparency

Peter Obi, former presidential candidate has raised fresh concerns over the federal government’s approval of N3.3 trillion to settle liabilities in Nigeria’s power sector.

He questioned the transparency and effectiveness of such repeated interventions.

In a post via his official X handle on Tuesday, Obi said the recent approval of N3.3 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, N3.3 trillion was approved for the same purpose, while on July 25, 2024, another N4 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.

The former Anambra State governor further demanded clarity on whether the newly approved N3.3 trillion is distinct from earlier approvals or part of the same financial framework.

Calling for urgent reforms, Obi urged the government to move beyond repeated financial interventions and address structural challenges within the power sector.

“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 address the issues would leave the country trapped in a cycle of rising debt and poor electricity supply, but maintained that meaningful progress remains possible with discipline and accountability.