Former Vice President Atiku Abubakar on Sunday June 14,2026, accused the Federal Government of operating a “racket dressed up as reform” in the power sector.
He criticised the plan to raise a fresh bond that will push debt liability to N4 trillion to clear outstanding obligations.
Atiku, through his Senior Special Assistant on Public Communication, Phrank Shaibu, described the move as fiscal recklessness and a lack of transparency. He demanded full public accountability on previous funds before any new borrowing.
The African Democratic Congress presidential candidate said Nigerians have the right to question the recurring cycle of borrowing to solve the same power sector problem.
The government issued a N590 billion bond on December 20, 2025, to pay electricity generation companies and gas suppliers.
Barely a month later, another N501 billion bond was fully subscribed for the same purpose. In April 2026, President Tinubu approved a N3.3 trillion plan to resolve the debts.
However, the Association of Power Generation Companies revealed that many debts remain unpaid. Its Chief Executive Officer, Joy Ogaji, stated that the N501 billion bond has not translated into actual payments to creditors.
He referenced President Tinubu’s June 12 Democracy Day address, where the president highlighted the new intervention as proof of reform. He argued that the government must explain what happened to earlier funds.
“The government announces a crisis, borrows money, celebrates the solution, but the problem stays unsolved,”he said.
He likened the situation to a man who returns to the market with the same goat he claimed to have sold.
He noted that ordinary Nigerians continue to suffer poor power supply, high energy costs and heavy spending on alternatives. Businesses collapse under the burden.
Atiku called for a detailed breakdown of all funds raised: how much was collected, where it was kept, who received payments, which debts were cleared, and why fresh borrowing is necessary.
He warned that without full disclosure, the exercise looks like financial manipulation rather than reform.
The Federal Government is yet to respond to the allegations.
