Atiku Demands Tinubu Account for N3.3 Trillion Power Bond as Previous Debt Payments Vanish

Atiku Abubakar has called President Bola Tinubu's plan to raise another N3.3 trillion bond for power sector debts a "racket dressed up as reform."

The former vice president and 2023 ADC presidential candidate said in a Sunday statement that Nigerians are being fed the same goat over and over again. He cited an African proverb: a man who repeatedly returns to the marketplace with the same goat he claimed to have sold the previous day invites questions from villagers.

"The power sector debt has become that goat," Atiku's statement read. "Supposedly settled every few months only to reappear at the next press conference demanding fresh billions in public funds."

Here's the timeline that's sparked Atiku's anger. On December 20, 2025, the Federal Government announced a N590 billion power sector bond to clear debts owed to generation companies and gas suppliers. Officials promised it would fix the liquidity crisis and restore confidence.

Barely a month later, the government announced that a N501 billion bond under the same programme had recorded full subscription and would be deployed to settle verified obligations.

Then, in April 2026, President Tinubu approved yet another N3.3 trillion plan to clear power sector debts. Each time, government officials projected that the sector's perennial problems had finally been solved.

But the Association of Power Generation Companies says the debts remain largely unpaid. Its CEO, Joy Ogaji, revealed that the N501 billion bond raised months ago to settle a negotiated portion of the debt is still unresolved.

President Tinubu, in his June 12 Democracy Day address, touted the fresh N3.3 trillion debt-clearing initiative as evidence of his administration's commitment to reform. He didn't mention what happened to the earlier bonds.

Atiku's statement didn't hold back. "There's a name for repeatedly collecting money to solve the same problem while the problem remains unsolved. It's called a racket."

He said the pattern would trigger investigations in any serious country. "Democracy isn't sustained by grand declarations; it's sustained by accountability. A government can't celebrate a new solution while refusing to explain the fate of the old one."

Atiku demanded that President Tinubu immediately provide Nigerians with a comprehensive account of every kobo raised under the various power sector debt settlement programmes. He wants to know: how much was raised, where the funds were domiciled, who received payment, what debts were settled, what obligations remain outstanding, and why fresh borrowing has become necessary despite repeated assurances that the problem was being addressed.

"No serious nation can continue to borrow its way into darkness," the statement said. "No responsible government repeatedly seeks fresh debt to settle liabilities it previously claimed to have settled."

The former vice president invoked another proverb: a man who repeatedly dips his hands into a pot must not complain when people begin to count the spoons. "Nigerians are counting," he said, "and what they're seeing doesn't add up."

Meanwhile, ordinary Nigerians continue to suffer the consequences of a dysfunctional power sector. Businesses are collapsing under crushing energy costs. Manufacturers are struggling to remain competitive. Families spend a significant portion of their income on alternative power sources. Darkness remains a permanent feature of daily life.

Atiku warned that until answers are provided, the exercise will remain "a racket dressed up as reform and a scandal searching desperately for a cover story."