Obi Slams Tinubu Govt Over ‘Repeated N3.3tn Power Sector’ Approvals

Former Labour Party presidential candidate, Peter Obi, has criticised the Federal Government over what he described as repeated approvals of trillions of naira to settle debts in Nigeria’s power sector without corresponding improvement in electricity supply.

Obi on Tuesday expressed concern over the reported approval of N3.3tn in recent days as a “full and final” payment for power sector liabilities, noting that similar approvals had been made in the past with little to show for it.

“In the past few days, the President has reportedly approved ₦3.3 trillion as a ‘full and final’ payment for debts in the power sector. Yet, this is not the first time such approvals have been made,” he said.

The former Anambra State governor recalled that on May 17, 2024, the same sum of N3.3tn was approved for similar purposes, followed by another N4tn bond approval on July 25, 2024, alongside other interventions targeted at addressing power sector debts.

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

He lamented that despite these financial interventions, Nigeria’s power supply situation has continued to deteriorate, contrary to promises made during the 2023 presidential campaign.

“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. Today, the reality is that power supply has worsened,” Obi stated.

He added that the situation had become so dire that there were discussions about disconnecting the Presidential Villa from the national grid.

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

Obi further argued that the recurring approvals point to deeper issues of accountability and transparency in public financial management, particularly as the debts were accumulated over several years.

“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 noted.

The former presidential candidate also highlighted that government institutions, including the Presidential Villa, were among those owing in the power sector.

“It is important to note that government institutions and agencies, 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?” he asked.

He questioned the funding source for the latest approval, warning against further borrowing to address what he described as systemic inefficiencies.
“And from what source will this new payment be made? Are we resorting once more to borrowing to service inefficiencies?” Obi queried.

Raising a series of concerns, Obi demanded clarity on the structure and beneficiaries of the 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 asked.

He also called for clarification saying, “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?”

Obi urged the government to move beyond what he described as recycled financial interventions and address the root causes of the power sector crisis.

“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 structural changes, the country would remain stuck in a cycle of inefficiency.

“Until we do so, we will remain trapped in a cycle of debt and darkness,” Obi added, expressing optimism that improvement remains possible with the right leadership.

“But with discipline, accountability, and the right leadership, a new Nigeria is still possible.”