Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised the Federal Government’s plan to raise a new bond that could increase power sector debt obligations to ₦4 trillion, describing the move as a lack of transparency and accountability.
In a statement issued on Sunday through his media aide, Phrank Shaibu, Atiku questioned why the government was seeking fresh borrowing to settle electricity sector debts despite previous interventions that were announced for the same purpose.
According to him, the government had earlier introduced several debt-clearing initiatives for the power sector, including a ₦590 billion bond announced in December 2025 and a ₦501 billion bond reportedly subscribed to in early 2026. He also referenced a ₦3.3 trillion debt settlement plan approved in April 2026.
Atiku argued that despite these interventions, power generation companies have continued to complain about unpaid obligations, raising concerns about the utilisation of funds already raised.
He maintained that Nigerians deserve a detailed account of how previous power sector intervention funds were managed before any additional borrowing is approved.
The former vice president said the recurring cycle of borrowing to address the same challenges without clear explanations undermines public confidence and raises serious questions about fiscal management.
He called on the government to disclose how much money was raised through previous debt-settlement programmes, where the funds were kept, who received payments, which debts were cleared, and what obligations remain outstanding.
Atiku further noted that ordinary Nigerians continue to bear the consequences of the sector’s liquidity challenges through poor electricity supply, rising energy costs and increased dependence on alternative power sources.
He insisted that full transparency and accountability should precede any new borrowing initiative, warning that continued reliance on debt without adequate disclosure would only deepen public concerns about the management of the power sector.
The Federal Government is yet to officially respond to the allegations.
