Former Vice President Atiku Abubakar has criticised the Federal Government’s latest plan to raise funds to settle debts in the power sector, describing it as a troubling cycle of borrowing without adequate transparency.
In a statement issued through his media aide, Phrank Shaibu, Atiku questioned why the government continues to seek new loans and bonds to clear electricity sector debts despite previous interventions announced for the same purpose.
According to him, Nigerians deserve clear explanations on how earlier funds raised to settle power sector liabilities were spent before any fresh borrowing is approved.
Questions Over Previous Debt-Clearing Funds
Atiku recalled that the Federal Government had previously announced major debt-settlement initiatives for electricity generation companies and gas suppliers, including bonds worth hundreds of billions of naira.
He argued that despite those interventions, stakeholders in the power sector continue to complain about outstanding debts, raising concerns about the effectiveness of the programmes.
“What happened to the money?” Atiku asked while calling for greater transparency.
Calls For Full Disclosure
The former presidential candidate demanded a detailed breakdown of all funds raised under previous power-sector debt settlement programmes.
He said the government should disclose how much was raised, where the money was kept, who received payments, what debts were settled, and why additional borrowing has become necessary.
Atiku warned that repeated borrowing without proper accountability could damage public confidence and deepen concerns about financial management in the sector.
Impact On Nigerians
According to him, ordinary Nigerians continue to bear the burden of the power sector crisis through unstable electricity supply, rising energy costs, and increased reliance on generators and alternative power sources.
He argued that businesses, manufacturers, and households are paying the price while the sector remains trapped in a cycle of debt and liquidity challenges.
Atiku maintained that accountability should accompany every government intervention and insisted that Nigerians deserve answers before any new bond is issued.
As of the time of filing this report, the Federal Government had not officially responded to the allegations.
Source: Adapted from a statement by former Vice President Atiku Abubakar through his media office.
