Former presidential of Labour Party leader, Peter Obi, has labelled the recent cancellation of nearly ₦8 trillion in debts owed by the Nigerian National Petroleum Company Limited (NNPC) as the pinnacle of “financial recklessness.”
In a statement posted on his X page on Wednesday, Obi questioned why the government would forgive such a staggering sum for a company that claims to be profitable, while millions of Nigerians are “taxed into poverty” to cover revenue shortfalls.
The former governor of Anambra State drew a sharp contrast between the debt forgiveness and the ongoing Senate investigation into ₦210 trillion in unaccounted funds at the NNPC between 2017 and 2023.
READ ALSO: Tinubu aide says Obi ‘imprisoned by ambition’, dismisses ADC defection
To illustrate the scale of the “missing” funds, Obi provided a breakdown of Nigeria’s federal budgets over four commotion.
In 2023, the budget stood at ₦21.83 trillion, rising to ₦43.56 trillion in 2024, ₦54.99 trillion in 2025, and an estimated ₦58.18 trillion for 2026.
Altogether, the total for the four years amounts to approximately ₦178.56 trillion.
“This company is facing audit inquiries for failing to account for ₦210 trillion—an amount that exceeds the combined federal budgets of Nigeria from 2023 to 2026,” Obi remarked. “Yet the President, acting as the Minister of Petroleum, has approved a write-off of about ₦8 trillion.”
Obi argued that the forgiven debt is almost double the 2025 Federal Security budget (₦4.9 trillion) and exceeds the combined allocations for education, health, and agriculture (₦7.1 trillion).
Obi’s “New Nigeria” blueprint, with a proposed budget of ₦8 trillion, outlines several key initiatives.
Its youth empowerment plan could have funded eight million unemployed youths, representing 10 per cent of Nigeria’s unemployed population.
The job creation strategy had the potential to generate 1,000 jobs in each of the country’s 8,809 wards. Additionally, the poverty alleviation programme aimed to directly invest in and lift a substantial portion of the 130 million Nigerians currently living in poverty.
The former governor accused President Bola Tinubu administration of a “betrayal of the people,” noting that while subsidies on fuel and electricity have been removed—plunging citizens into hardship—the political elite are protecting “mismanaged corporations.”
“The nearly ₦8 trillion write-off will effectively replace revenue that the government is currently seeking through unfair taxation,” Obi stated.
“The President owes the Nigerian people clear answers. Citizens deserve honesty and fiscal discipline, not governance that protects political elites.”
READ ALSO: Peter Obi declares 2027 presidential bid, rules out vice-presidential slot
Obi demanded that the federal government provide a “clear and transparent justification” for the write-off.
He joined civil society groups and the Senate Public Accounts Committee in calling for the immediate release of the audit findings that led to the decision.
For more details, visit New Daily Prime at www.newdailyprime.news
