Peter Obi@PeterObi
Let us reflect, sincerely and without sentiment.
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.
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.
This raises a fundamental question: were the previous approvals mere announcements without execution?
₦3.3 Trillion Again? Nigeria’s Power Crisis Without End
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.
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.
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.
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?
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?
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. -PO
