Former Vice President Atiku Abubakar has sharply criticised President Bola Tinubu’s administration for planning to issue a fresh bond to settle debts in the power sector.
Atiku describe the move as “fiscal recklessness” and a “racket” that lacks accountability.
In a statement issued by Phrank Shaibu, his Senior Special Assistant on Public Communication, Atiku said Nigerians have every right to be outraged by what he called a recurring cycle of borrowing, celebration, and non-disclosure.
“No government acting in good faith can repeatedly raise funds to solve the same problem while refusing to account for previous funds raised for the very same purpose,” the statement read.
The former vice president and 2027 presidential candidate for the Nigeria Democratic Congress (NDC) highlighted a troubling pattern of successive debt-clearing initiatives that have failed to resolve the crisis.
The Federal Government first announced a N590 billion power sector bond on December 20, 2025, to clear debts owed to generation companies and gas suppliers.
Barely weeks later, officials celebrated the full subscription of a N501 billion bond under the same programme. By April 2026, President Tinubu had approved yet another N3.3 trillion plan, pushing the cumulative value of these interventions close to N4 trillion.
Despite these announcements and claims of progress, the Association of Power Generation Companies has disclosed that significant debts remain unpaid.
The group’s Chief Executive Officer, Joy Ogaji, revealed that even the N501 billion bond raised months ago has not fully settled the negotiated obligations, leaving creditors still waiting.
However, the former vice presidential candidate noted the irony of the latest announcement coming shortly after President Tinubu’s June 12 Democracy Day address, in which he touted the fresh debt-clearing initiative as evidence of his administration’s commitment to reform.
“Democracy is not sustained by grand declarations; it is sustained by accountability,” the statement added.
Atiku demanded immediate and comprehensive disclosure on all previous power sector bonds, including how much was raised, where the funds were domiciled, which debts were actually settled, what obligations remain, and why fresh borrowing has become necessary so soon.
He warned that without full transparency, the power sector risks being seen as “a conduit for financial manipulation rather than a vehicle for national development.”
While ordinary Nigerians continue to endure unreliable electricity, high energy costs, and the resulting damage to businesses and households, Atiku described the situation as a revolving door of debt and opacity that no serious nation should tolerate.
