Amanze Chinonye
Former Anambra State Governor, Peter Obi, has criticised the Federal Government over the reported approval of a massive debt write-off for the Nigerian National Petroleum Company Limited (NNPC), describing it as a dangerous signal of financial recklessness at a time of deep national hardship
In a statement titled “Era of Financial Recklessness”, Obi said it was “alarming” that the President approved the write-off of ₦5.57 trillion and $1.42 billion, estimated at nearly ₦8 trillion, in debts owed by NNPC, despite the company’s recent announcement that it had returned to profitability.
Obi noted that the decision came amid ongoing audit controversies surrounding NNPC, including unresolved queries over its alleged failure to account for ₦210 trillion, an amount he said exceeds Nigeria’s combined Federal budgets from 2023 to 2026.
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For context, Obi listed the Federal Government’s approved budgets as ₦21.83 trillion in 2023, ₦43.56 trillion in 2024, ₦54.99 trillion in 2025, and an estimated ₦58.18 trillion for 2026, bringing the four-year total to about ₦178.56 trillion.
“Nigerians are still waiting for the outcome of the National Assembly investigation into the missing trillions,” Obi said, adding that the same company remains under scrutiny for spending trillions of naira on refineries that are yet to function optimally.
He questioned the justification for approving such a large debt forgiveness while Nigerians continue to suffer the effects of fuel and electricity subsidy removals, with what he described as “no tangible improvements” in living conditions.
According to Obi, the nearly ₦8 trillion write-off would effectively replace revenue the government is now seeking through increased taxation, which he characterised as unfair and burdensome on citizens already struggling with rising costs of living.
He argued that the sum exceeds the ₦7.1 trillion combined Federal budget allocations for education, health, and agriculture in 2025, stressing that such funds could significantly accelerate national development and poverty reduction.
Obi further pointed out that the amount is almost twice the 2025 Federal security budget of ₦4.9 trillion, even as insecurity continues to affect many parts of the country.
He said the resources, if properly deployed, could empower millions of unemployed youths, create jobs across Nigeria’s 8,809 wards, and make a meaningful impact on the estimated 130 million Nigerians living in poverty.
“The President, who is also the Minister in charge, owes Nigerians clear and transparent answers,” Obi stated. “Citizens deserve honesty, fiscal discipline, and governance that protects their interests, not those of mismanaged corporations or political elites.”
He warned that what he described as a betrayal of public trust must be halted, insisting that responsible and people-centred governance remains possible in Nigeria.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
