Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has criticised the Federal Government’s latest move to raise fresh funds to settle debts in the power sector, describing the proposed intervention as evidence of fiscal recklessness and poor accountability.
Atiku stated this in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, on Sunday.
According to the him , Nigerians deserve explanations over what Atiku described as repeated borrowing initiatives targeted at resolving power sector liabilities without clear disclosure on the utilisation of previously raised funds.
Atiku argued that successive debt settlement programmes announced by the Federal Government have not produced the expected outcomes despite repeated assurances that they would stabilise the electricity market and address liquidity challenges.
He referenced previous government announcements, including a ₦590 billion power sector bond unveiled in December 2025 and another ₦501 billion bond reportedly subscribed under the same programme.
He also cited the Federal Government’s approval of a fresh ₦3.3 trillion plan announced earlier in 2026 to address outstanding obligations in the sector.
According to him, concerns intensified following comments attributed to the Association of Power Generation Companies indicating that debts in the sector remain unresolved despite previous interventions.
Atiku questioned the implementation of the earlier debt settlement programmes and called on the Federal Government to provide a detailed account of all funds raised under the various initiatives.
He also referenced President Bola Ahmed Tinubu’s June 12 Democracy Day address, where a fresh debt-clearing initiative for the power sector was presented as part of broader reform efforts.
The former Vice President maintained that democratic governance requires transparency and accountability, arguing that fresh borrowing should not proceed without a full explanation of previous interventions.
“There must be accountability on how previous funds were raised, managed and applied before introducing additional borrowing,” he said.
Atiku further argued that repeated borrowing without visible improvements in electricity supply continues to place additional pressure on businesses and households already grappling with rising energy costs.
He urged the Federal Government to disclose details including the total amount raised, beneficiaries of payments made, obligations already settled and outstanding liabilities that necessitate further intervention.
According to him, Nigerians deserve full transparency before additional debt instruments are introduced into the power sector.
