Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has questioned the Federal Government’s proposed ₦4 trillion power sector bond, demanding a full account of previous interventions and warning against what he described as a pattern of borrowing without transparency.
Atiku said the administration of President Bola Ahmed Tinubu owes Nigerians clear explanations on how earlier funds raised to settle power sector liabilities were utilised, particularly as fresh borrowing is being proposed to address debts that government had previously claimed were being resolved.
In a statement issued on Sunday in Abuja by his Senior Special Assistant on Public Communication, Phrank Shaibu, the former vice president described the development as a troubling cycle of repeated borrowing, limited disclosure and unresolved obligations.
He recalled that the Federal Government announced a ₦590 billion bond in December 2025 to offset verified debts owed to electricity generation companies and gas suppliers. According to him, that intervention was followed by the successful subscription of a ₦501 billion bond under the same programme.
Atiku also pointed to the Federal Government’s approval of a further ₦3.3 trillion intervention in April 2026, which officials said was intended to clear outstanding liabilities in the power sector, improve liquidity and support ongoing reforms aimed at stabilising electricity supply.
Despite the successive interventions, Atiku noted that power generation companies continue to complain about outstanding debts, raising questions about the effectiveness of previous funding programmes.
He said President Tinubu’s reference to another debt-settlement initiative during his June 12 Democracy Day address had only heightened concerns over the management of earlier interventions.
According to the former vice president, Nigerians deserve to know how funds previously raised for debt settlement in the power sector were spent, who benefited from the disbursements and why the liabilities persist despite multiple government interventions.
He argued that transparency and accountability must precede any new borrowing, insisting that public confidence in government financial management depends on full disclosure.
Atiku accused the administration of repeatedly announcing crises in the sector, mobilising funds to address them, declaring progress and then returning with fresh requests for financing while many of the underlying challenges remain unresolved.
Describing the situation as “a revolving door of debt and opacity,” he called on the Federal Government to publish a comprehensive breakdown of all funds raised under power sector debt-settlement programmes, including beneficiaries, amounts disbursed, outstanding obligations and the basis for any proposed new bond issuance.
He maintained that Nigerians should not be asked to support another round of borrowing without first receiving a detailed account of previous interventions.
There was no immediate response from the Presidency to the allegations as of the time of filing this report.
Atiku concluded by warning that: “Until those answers are provided, this entire exercise will remain what it increasingly appears to be: a racket dressed up as reform and a scandal searching desperately for a cover story.