‘Tinubu Promised Nigerians’ – Peter Obi Tackles FG Over ₦3.3 Trillion Power Debts

Former presidential candidate of the Labour Party, Peter Obi, has raised fresh concerns over the Federal Government’s repeated approval of trillions of naira to settle debts in the power sector, questioning their transparency and impact.

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Naija News reports that Obi, in a post shared via his official 𝕏 handle on Tuesday, criticised the recent approval of ₦3.3 trillion described as a “full and final” settlement of liabilities in the sector.

Calling for accountability, Obi urged Nigerians to critically assess the recurring approvals.

“Let us reflect, sincerely and without sentiment,” he said.

He noted that similar approvals had been made in the past without clear evidence of execution or tangible improvements.

The former Anambra State governor pointed out that on May 17, 2024, ₦3.3 trillion was approved for the same purpose, while another ₦4 trillion bond was approved on July 25, 2024, to address similar liabilities.

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

Obi expressed concern over the current state of electricity supply despite the huge financial interventions, referencing campaign promises made by President Bola Ahmed 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, citing reports that even the Presidential Villa could face disconnection from the national grid.

He criticised what he described as a pattern of repeated policy announcements without measurable outcomes.

“Each time legitimate concerns are raised, what we see appears more like policy pronouncements than measurable progress,” Obi stated.

Obi also linked the mounting debts to successive administrations under the All Progressives Congress, raising issues around fiscal discipline.

“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 said.

The former vice-presidential candidate questioned why government institutions, including the Presidential Villa, had allegedly failed to meet electricity payment obligations despite budgetary allocations.

“Year after year, budgets were made and funds appropriated. Why then were these obligations not settled when due?” he asked.

Obi posed several questions regarding the structure and management of the power sector debts.

“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 further sought clarification on whether the latest ₦3.3 trillion approval is distinct from earlier approvals.

“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.

Obi called for a shift from repeated financial approvals to concrete reforms in 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 act decisively would prolong the country’s electricity challenges.

“Until we do so, we will remain trapped in a cycle of debt and darkness,” Obi added.