Peter Obi, the 2023 presidential candidate of the Labour Party, has questioned President Bola Tinubu’s recent approval of N3.3 trillion to settle debts in the power sector, calling for transparency and measurable results.
Obi made the call in a post on X on Tuesday, where he expressed concern over what he described as repeated financial interventions without corresponding improvement in electricity supply.
He noted that the latest approval is not the first of its kind, citing similar approvals in 2024.
“On May 17, 2024, N3.3 trillion was approved for the same purpose. On July 25, 2024, another N4 trillion bond was approved to settle similar debts,” he said.
The former Anambra governor questioned whether previous approvals were fully implemented, asking if they were “mere announcements without execution”.
He said the recurring approvals raise concerns about accountability and the effectiveness of public spending in the power sector.
“This raises a fundamental question: were the previous approvals mere announcements without execution?” he said.
Obi also referenced Tinubu’s 2023 campaign promise to deliver stable electricity, noting that power supply has yet to improve.
“Today, the reality is that power supply has worsened,” he said.
The presidential hopeful questioned the source of funding for the latest approval, suggesting the possibility of increased borrowing.
“From what source will this new payment be made? Are we resorting once more to borrowing to service inefficiencies?” he asked.
He also raised concerns about the structure of the debts and the beneficiaries of the payments.
“How did the debt accrue? What is the actual total debt in the power sector? Who are the real beneficiaries of these repeated payments?” he queried.
Obi added that a significant portion of the debt is owed by government institutions, including the presidential villa, and questioned why such obligations were not settled earlier despite budgetary provisions.
He called on the federal government to move beyond policy announcements and implement reforms that will deliver tangible improvements in electricity supply.
“Nigeria must move beyond recycled announcements and confront the power sector crisis with sincerity, transparency, and decisive reforms,” he said.
He warned that without accountability and effective leadership, the country risks remaining trapped in what he described as a cycle of “debt and darkness”.
