Peter Obi Questions ₦3.3 Trillion Power Debt Approval

Peter Obi, the former Labour Party presidential candidate, has raised concerns regarding the federal government's recent approval of ₦3.3 trillion aimed at settling debts in the power sector. He questioned the accountability and transparency of such approvals, noting that similar amounts had been approved in the past without resulting in tangible improvements.

Obi highlighted that the latest approval, made on May 17, 2024, follows a previous ₦4 trillion bond approval on July 25, 2024, intended for similar debt settlement. He criticized the government's failure to deliver stable electricity, despite promises made by President Bola Tinubu during the 2023 campaign.

Obi pointed out that the power supply situation has worsened and questioned why the government, including the presidential villa, has not settled electricity obligations despite budgetary provisions. He called for a shift from mere announcements to actionable reforms in the power sector, warning that failure to act would perpetuate the country's debt cycle.