N3.3tn power plan approval draws criticism from Peter Obi, Nigerians over repeated promises
The Federal Government approved N3.3 trillion on April 5, 2026, to settle legacy debts in the power sector under the Presidential Power Sector Financial Reforms Programme. According to Bayo Onanuga, Special Adviser to President Bola Tinubu, the sum represents a full and final settlement for debts accrued between 2015 and 2025. About N2.3 trillion is tied to agreements with 15 power generation companies, with N501 billion raised so far and N223 billion already disbursed. Olu Arowolo Verheijen, the President’s Special Adviser on Energy, said the programme aims to restore confidence across the sector.
However, former Labour Party presidential candidate Peter Obi criticised the repeated approvals, recalling that a similar N3.3 trillion was approved in May 2024, alongside a N4 trillion bond in July 2024, all targeting the same power sector debts. Obi questioned whether previous announcements were mere ‘numbers on paper’ and raised concerns about accountability, the source of funding, and why supply has not improved despite multiple interventions. He demanded answers on how the debt accrued, the total actual debt, and transparency in fund management.
Nigerians on social media echoed Obi’s frustration. X user Dino said, ‘Approvals without execution are just numbers on paper. Nigerians deserve results, not repeated promises.’ Ojukwu Di Ndu noted the same figure was approved in May 2024 without noticeable improvement. Alubarika, however, defended the government and dismissed Obi’s remarks.
The power sector has long struggled with insufficient generation and erratic supply, affecting households and businesses nationwide. Previous interventions have yet to yield significant improvements, leading to widespread scepticism about the latest approval.
With multiple billion-naira approvals and little visible change, should Nigerians demand a full public audit of previous power sector spending before endorsing new funding, or trust that this intervention will finally break the cycle of debt without results?