Obi Demands Accountability on N3.3tn Power Debt Approvals

Former presidential candidate Peter Obi has raised concerns regarding the Federal Government's repeated approvals of N3.3 trillion for the power sector, questioning the accountability and transparency of these financial decisions. Obi noted that similar approvals had been made previously without visible improvements in electricity supply across Nigeria.

He referred to a recent approval on May 17, 2024, for N3.3 trillion aimed at settling debts in the power sector, alongside a N4 trillion bond approved on July 25, 2024, for similar purposes. Obi criticized the government's pattern of announcing financial interventions without tangible outcomes, emphasizing the deteriorating state of electricity supply and the disconnect between government promises and reality.

He questioned the rationale behind the accumulation of power sector debt and the effectiveness of previous approvals, urging for a shift towards meaningful reforms in the electricity sector to avoid a cycle of debt.