Who Is Eating The Money?’ — Peter Obi Demands President Tinubu’s Explanation On Repeated N3.3trillion Power Bailout

‘Who Is Eating The Money?’ — Peter Obi Demands President Tinubu’s Explanation On Repeated N3.3trillion Power Bailout

SaharaReporters on Sunday reported that President Bola Tinubu approved a comprehensive plan to settle outstanding debts under the Presidential Power Sector Financial Reforms Programme, aiming to resolve long-standing financial challenges that have plagued Nigeria’s electricity industry for over a decade.Nigeria travel guide

Former Labour Party presidential candidate, Peter Obi, has publicly challenged President Bola Tinubu to provide public explanations on the cycle of repeated multi-trillion-naira approvals for Nigeria’s failing power sector, asking pointedly, who has been eating the money.

SaharaReporters on Sunday reported that President Bola Tinubu approved a comprehensive plan to settle outstanding debts under the Presidential Power Sector Financial Reforms Programme, aiming to resolve long-standing financial challenges that have plagued Nigeria’s electricity industry for over a decade.

The debts, accumulated between February 2015 and March 2025, were thoroughly reviewed and verified, with a total of ₦3.3trillion agreed as a full and final settlement, Bayo Onanuga, Special Adviser to the President on Information and Strategy, said in a statement on Sunday.

The repayment plan is designed to ensure transparency and fairness across the sector.

According to the statement, implementation has already begun, with 15 power plants signing settlement agreements totalling ₦2.3 trillion.

The statement noted that the Nigerian Government has mobilised ₦501 billion to fund the payments, of which ₦223 billion has been disbursed, with additional payments in progress.

But in a statement posted on his X (formerly Twitter) account on Tuesday titled, ‘Let us reflect, sincerely and without sentiment,’ Obi accused the Tinubu government of recycling financial interventions in Nigeria’s power sector without achieving any tangible results.

“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.

Obi highlighted previous approvals that he said raise serious questions about transparency and accountability.

“On May 17, 2024, ₦3.3 trillion was approved for the same purpose. On July 25, 2024, another ₦4 trillion bond was approved to settle similar debts. There have also been other approvals in between, all targeted at addressing the same power sector liabilities,” he noted.

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

Obi slammed the government for failing to deliver electricity even after repeated spending.

“₦3.3 Trillion Again? Nigeria’s Power Crisis Without End,” he said.

“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, to the extent that there are even discussions about disconnecting the Presidential Villa from the national grid.”

He also condemned what he described as empty policy pronouncements in place of measurable results.

“Each time legitimate concerns are raised, what we see appears more like policy pronouncements than measurable progress. Now, again, we are confronted with another ₦3.3 trillion approval to settle power sector debts,” Obi stated.

Obi directly blamed successive administrations of the ruling All Progressives Congress (APC) for accumulating the debts.

“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.

Obi highlighted unpaid obligations by government agencies, including the Presidential Villa, and demanded clarity on the sources of funding for the new bailout.

“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? And from what source will this new payment be made? Are we resorting once more to borrowing to service inefficiencies?”

He raised a series of questions he said must be answered for Nigerians to understand the power sector bailout cycle.

“Key questions remain unanswered: 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? 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 warned that Nigeria risks remaining trapped in a cycle of debt and darkness without urgent reform.

“Nigeria must move beyond recycled announcements and confront the power sector crisis with sincerity, transparency, and decisive reforms. Until we do so, we will remain trapped in a cycle of debt and darkness. But with discipline, accountability, and the right leadership, a new Nigeria is still possible,” he stated.

 

https://x.com/i/status/2041478825381433366