Power Debt: Atiku Questions ₦4tn Bond, Demands Accountability

Former Vice President Atiku Abubakar has challenged the Federal Government over its proposed bond arrangement that could push power sector debt obligations to about ₦4 trillion, insisting that Nigerians deserve clear answers about how earlier funds were spent.

In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the latest borrowing plan as another attempt to address a long-standing problem without providing details on the outcome of previous interventions.

According to him, the government had repeatedly announced measures aimed at clearing debts owed to electricity generation companies and gas suppliers. He recalled that authorities approved and introduced different bond programmes in recent months to settle outstanding liabilities within the sector.

Atiku noted that a major debt-clearing bond was announced in late 2025, followed shortly by another financing arrangement meant to pay verified obligations in the electricity industry. He also pointed to a fresh debt settlement package approved in 2026, which government officials presented as a step toward stabilising the sector.

However, he said recent information from operators within the power industry suggests that many of the debts remain unpaid despite the funds reportedly raised for that purpose. He argued that this has created uncertainty about what happened to the money generated through previous programmes.

The former vice president maintained that citizens have a right to know how much money was raised, where the funds were kept, who received payments and which debts were actually settled. He said any government seeking additional borrowing should first provide a full explanation of earlier interventions.

Atiku also questioned the repeated cycle of announcing debt settlement plans while the same liabilities continue to exist. According to him, a government should not continue seeking new loans for a problem it previously claimed to have solved without offering detailed records of how earlier funds were used.

He further argued that the continued challenges in the electricity sector have left businesses and households struggling with unreliable power supply and rising energy costs. He noted that many Nigerians still depend heavily on alternative sources of electricity despite years of intervention programmes.

The ADC presidential candidate called on the Federal Government to release a comprehensive breakdown of all funds raised under various power sector debt settlement initiatives. He said transparency is necessary to restore public confidence and ensure proper accountability.

Atiku insisted that before any new bond is issued, the government should explain the status of previous debt-clearing arrangements and provide evidence of how the funds were applied. He warned that failure to do so would continue to fuel public concerns about the management of resources in the power sector.

The Federal Government has not yet responded to the allegations. Meanwhile, Nigeria’s electricity industry continues to face financial challenges linked to debts owed to power generation companies and gas suppliers, with stakeholders repeatedly calling for lasting solutions to improve the sector.