Former LP Presidential candidate, Peter Obi
Former Anambra State Governor and Labour Party presidential candidate, Peter Obi, has sharply criticised what he described as an emerging “era of financial recklessness” in Nigeria, following the reported approval of massive debt write-offs involving the Nigerian National Petroleum Company Limited (NNPC).
In a statement shared via his official X (formerly Twitter) handle, Obi expressed deep concern over reports that President Bola Tinubu approved the write-off of ₦5.57 trillion and $1.42 billion—estimated at about ₦8 trillion—in debts owed by NNPC, despite the company recently declaring profits and claiming financial reform.
“Financial recklessness is increasingly becoming normalized in our country,” Obi said. “Just last week, it was alarmingly reported that the President approved the write-off of ₦5.57 trillion and $1.42 billion—approximately ₦8 trillion—in debts owed by NNPC, a company that recently announced profits and claimed it had turned a new leaf.”
*Audit Queries and Unanswered Questions*
Obi noted that the same NNPC is currently facing serious audit concerns over its alleged failure to account for ₦210 trillion—an amount he said exceeds the combined Federal Government budgets between 2023 and 2026.
He provided context by listing Nigeria’s recent budgets: “₦21.83 trillion for 2023, ₦43.56 trillion for 2024, ₦54.99 trillion for 2025, and an estimated ₦58.18 trillion for 2026,” amounting to “roughly ₦178.56 trillion” over the four-year period.
“Nigerians are still waiting for the outcome of the National Assembly investigation into the missing trillions,” Obi stated, adding that NNPC is also under scrutiny for “trillions spent on non-functional refineries.”
Despite these unresolved issues, Obi lamented that “the President, who also serves as the Minister in charge, has approved the write-off of about ₦8 trillion in NNPC debts.”
*Hardship, Taxes, and Debt Forgiveness*
According to Obi, Nigerians are already grappling with harsh economic realities following the removal of petroleum and electricity subsidies, yet are now confronted with what he described as unexplained debt forgiveness.
“The nearly ₦8 trillion write-off will effectively replace revenue that the government is currently seeking through unfair taxation,” he said.
He stressed the need for transparency, insisting that “it is imperative that the government provides a clear and transparent justification for the write-off, given the immense impact such a large amount of resources could have on national development.”
*What ₦8 Trillion Could Have Done*
Obi further argued that the written-off sum exceeds key development allocations. “This almost ₦8 trillion write-off could have generated the revenue the government now seeks through these unfair taxes,” he said.
He pointed out that the amount is higher than the combined 2025 Federal budget allocations for education, health, and agriculture, which stand at ₦7.1 trillion.
“In practical terms, this money alone could fully fund critical areas of development, lifting millions of Nigerians out of poverty and significantly reducing the over 130 million people currently living in poverty in the country,” Obi stated.
He also noted that the ₦8 trillion figure is “nearly twice the 2025 Federal Security budget of ₦4.9 trillion,” at a time when insecurity continues to ravage communities nationwide.
*Call for Accountability*
Highlighting youth unemployment, Obi said such funds could have been used to “empower 8 million youths—10% of the 80 million unemployed—creating approximately 1,000 jobs for each of the 8,809 wards,” thereby reducing widespread poverty.
“The President, who is also the Minister, owes the Nigerian people clear answers,” Obi declared. “The citizens deserve honesty, fiscal discipline, and governance that protects their interests—not the interests of mismanaged corporations or political elites.”
He concluded with a strong warning and a message of hope: “This betrayal of the people must be stopped. A New Nigeria is POssible.”
