Atiku Unleashes Firestorm Over N4tn Bond: Demands Transparency in Power Debt!

Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has vocally criticised the Federal Government's recent proposal to raise new funds for settling power sector debts. Atiku described this move as a clear indication of fiscal recklessness and a profound lack of accountability within the government.

In a statement released through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku emphasised that Nigerians are owed comprehensive explanations regarding the repeated borrowing initiatives aimed at resolving power sector liabilities. He highlighted the absence of transparent disclosure on how previously raised funds have been utilised, despite ongoing assurances that these measures would stabilise the electricity market and alleviate liquidity challenges.

Atiku specifically referenced several past government announcements, including a ₦590 billion power sector bond unveiled in December 2025 and an additional ₦501 billion bond reportedly subscribed under the same programme. He further pointed to the Federal Government's approval of a substantial ₦3.3 trillion plan announced earlier in 2026, also intended to address outstanding obligations within the energy sector.

Concerns surrounding the unresolved debts have intensified, particularly following statements from the Association of Power Generation Companies, which indicated that despite these prior interventions, significant debts in the sector persist. Atiku questioned the effectiveness and implementation of these earlier debt settlement programmes and issued a direct call to the Federal Government to provide a detailed, itemised account of all funds raised under the various initiatives.

He also recalled President Bola Ahmed Tinubu’s June 12 Democracy Day address, where a fresh debt-clearing initiative for the power sector was presented as a component of broader reform efforts. The former Vice President firmly asserted that democratic governance fundamentally demands transparency and accountability, arguing that any new borrowing should not proceed without a full and clear explanation of how previous interventions were handled and their outcomes.

“There must be accountability on how previous funds were raised, managed and applied before introducing additional borrowing,” Atiku stated. He further contended that the cycle of repeated borrowing without tangible improvements in electricity supply imposes undue financial burdens on businesses and households already struggling with escalating energy costs. He urged the Federal Government to disclose critical details, including the total amount raised, the specific beneficiaries of payments made, the obligations already settled, and the precise outstanding liabilities that necessitate further financial intervention, stressing that Nigerians deserve full transparency before any additional debt instruments are introduced into the power sector.