Atiku Slams Fresh Power Sector Bond Plan
Atiku condemns new power sector bond plan, alleging repeated borrowing without accountability or clear resolution of existing debts.
Former Vice President Atiku Abubakar has criticised the Federal Government’s latest plan to raise another bond for power sector debts, describing it as a “scandalous display of fiscal recklessness” and poor accountability.
In a strongly worded statement issued through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku accused the administration of President Bola Ahmed Tinubu of repeated borrowing without transparency over previous funds. He argued that the pattern reflects growing concerns around power sector debt Nigeria and weak fiscal discipline in public finance management.
Atiku said Nigerians have a right to know how earlier funds were used, insisting that no government acting in good faith should repeatedly raise money for the same purpose without clear accounting. The controversy around power sector debt Nigeria has, according to him, become a symbol of wider governance failures.
He called for full disclosure of all funds raised under various debt settlement programmes, including how much was collected, where it was kept, who received payments, and what obligations remain outstanding. He also questioned why new borrowing continues despite earlier assurances that the problem had been resolved.
According to Atiku, recent government actions show a troubling cycle. He referenced a ₦590 billion bond issued in December 2025, a ₦501 billion bond raised shortly after, and a ₦3.3 trillion approval in April 2026 aimed at clearing sector debts. Despite these interventions, he said power generation companies still report unpaid debts, deepening concerns about power sector debt Nigeria.
He argued that repeated borrowing without clear results undermines public trust and economic credibility. Atiku also said ordinary Nigerians continue to suffer from unstable electricity supply, high energy costs and worsening living conditions, despite trillions spent on interventions.
He concluded that the situation resembles what he called a “revolving door of debt and opacity,” insisting that power sector debt Nigeria requires urgent accountability and transparency to restore confidence in governance.
What explains the persistent gap between huge power sector spending and limited improvement in electricity supply?
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