Electricity crisis: Peter Obi slams Tinubu over payment of N3.3tn power debt

The 2023 presidential candidate for the Labour Party, Peter Obi has reacted to the recent move by President Bola Tinubu to clear the power sector debts with N3.3 trillion.

In a statement shared on his social media accounts, Obi expressed concern that the N3.3 trillion approval for the payment of the debt by the president comes barely two years after the same amount was approved for the same purpose on May 17, 2024.

He also expressed worry that coupled with other approvals, the N4 trillion bond was approved to settle similar debts.

According to the former governor, these actions raise fundamental questions as to whether the previous approvals were mere announcements without execution.

Describing these approvals as “Nigeria’s Power Crisis Without End”, Obi recalled Tinubu’s 2023 campaign promise that he is focused on delivering stable electricity to Nigerians.

The president during the election campaign had urged Nigerians not to re-elect him should he fail to deliver on that promise.

To this Obi said, “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.

“Each time legitimate concerns are raised, what we see appears more like policy pronouncements than measurable progress. Now, again, we are confronted with another N3.3 trillion approval to settle power sector 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,” Obi said.

He noted that government institutions and agencies, including the Presidential Villa owe a significant portion of these debts.

He added that, “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?”

Highlighting some grey areas in the actions of the government concerning the power sector, Obi said several 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 N3.3 trillion approved on April 6, 2026, the same as the N3.3 trillion approved in May 2024, and how does it relate to the N4 trillion bond approved in July 2024?” Obi queried.

He further stated that 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.