Labour Party leader Peter Obi has criticized President Bola Tinubu’s decision to write off nearly ₦8 trillion in debts owed by the Nigerian National Petroleum Company Limited (NNPCL).
Obi expressed his displeasure on X (formerly Twitter), accusing the government of normalizing financial recklessness. He argued that the debt forgiveness undermines accountability, especially as NNPCL remains under scrutiny for trillions spent on non-functional refineries and missing funds.
President Tinubu approved the debt cancellation after account reconciliations in late December. Obi condemned the move, stressing that Nigerians are already enduring severe hardships caused by the removal of petroleum and electricity subsidies without tangible improvements in their lives.
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“Nigerians, already enduring severe hardships due to the removal of petroleum and electricity subsidies—with no tangible improvements in their lives—are now confronted with this unexplained debt forgiveness,” Obi wrote.
He insisted that the government must provide a clear and open explanation for the write-off, given the immense impact such resources could have on national development. Obi emphasized that the ₦8 trillion could have funded critical areas of development, lifted millions out of poverty, and reduced the number of Nigerians living below the poverty line.
“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,” he added.
Obi concluded by demanding accountability from the President, who also serves as Petroleum Minister. “The President, who is also the Minister, owes the Nigerian people clear answers. The citizens deserve honesty, fiscal discipline, and governance that protects their interests—not the interests of mismanaged corporations or political elites,” he said.
