Former Anambra State Governor and 2023 Labour Party presidential candidate, Peter Obi, has faulted the Federal Government’s approval of a nearly ₦8 trillion debt write-off for the Nigerian National Petroleum Company Limited (NNPC), warning that the decision reflects a growing culture of financial recklessness amid unresolved audit queries and worsening economic hardship for Nigerians.
In a statement on Wednesday, the former governor raised concerns over the timing and implications of the approval, noting that it involved the write-off of N5.57 trillion and $1.42 billion in debts owed by NNPC, despite the company’s recent claims of profitability and reform.
He said, “Financial recklessness is increasingly becoming normalized in our country. Just last week, it was alarmingly reported that the President approved the write-off of N5.57 trillion and $1.42 billion, approximately N8 trillion, in debts owed by NNPC, a company that recently announced profits and claimed it had turned a new leaf.
“This is the same agency currently facing serious audit inquiries for failing to account for ₦210 trillion, an amount that far exceeds the combined Federal budgets of Nigeria from 2023 to 2026.”
He noted that the Federal Government’s budgets for the four years stood at approximately N21.83 trillion in 2023, N43.56 trillion in 2024, N54.99 trillion in 2025, and an estimated N58.18 trillion for 2026, bringing the total to about N178.56 trillion.
The former governor said Nigerians were still awaiting the outcome of the National Assembly’s investigation into the alleged missing funds, adding that NNPC was also under scrutiny for trillions of naira reportedly spent on refineries that remain non-functional.
“Nigerians are still waiting for the outcome of the National Assembly investigation into the missing trillions. This company is also under scrutiny for trillions spent on non-functional refineries.
“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,” he added.
He argued that the nearly ₦8 trillion write-off would effectively replace revenue the government is now seeking through increased taxation, describing the burden as unfair to citizens.
Obi also highlighted the scale of the funds involved, saying the amount exceeded the combined 2025 Federal Government budgetary allocations to education, health and agriculture, and was almost double the allocation to national security, despite the country’s security challenges.
“The amount exceeds the 2025 combined Federal budget allocations for education, health, and agriculture, which total ₦7.1 trillion.
“Such resources could empower 8 million youths, 10% of the 80 million unemployed, creating approximately 1,000 jobs for each of the 8,809 wards.
“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,” Obi stated.
