Just In: Peter Obi Reacts as Tinubu Cancels ₦8 Trillion NNPC Debts: "This Is Betrayal"

• Peter Obi criticised Tinubu for cancelling ₦8 trillion in NNPCL debts amid economic hardship
• Obi called for accountability over NNPC's unresolved audit queries and poor financial management
• The former presidential candidate said debt write-off poses opportunity cost, diverting funds from vital sectors like education and health

Former Labour Party presidential candidate Peter Obi has sharply criticised President Bola Ahmed Tinubu over the reported cancellation of about ₦8 trillion in debts owed by the Nigerian National Petroleum Company Limited (NNPCL), describing the move as a betrayal of public trust.

In a statement shared on his verified social media handle on Tuesday, January 6, Obi accused the federal government of normalising financial recklessness at a time Nigerians are grappling with deep economic hardship.

“Just last week, it was alarmingly reported that the President approved the write-off of ₦5.57 trillion and $1.42 billion, about ₦8 trillion, in debts owed by NNPC, a company that recently declared profits and claimed it had turned a new leaf,” Obi said.

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Obi expresses concerns over unresolved audit queries

The former Anambra state governor via X, pointed to ongoing audit concerns surrounding the state-owned oil firm, noting that NNPC is still facing questions over ₦210 trillion allegedly unaccounted for in its books.

“This is the same agency under serious audit scrutiny for failing to account for sums that exceed the combined federal budgets of Nigeria from 2023 to 2026,” Obi stated.

He noted that the total federal budgets for the four years amount to approximately ₦178.56 trillion, stressing that Nigerians are yet to see the outcome of investigations into the alleged missing funds or spending on non-functional refineries.

Impact on public welfare questioned

Obi argued that the debt write-off comes at a time citizens are bearing the burden of subsidy removals on fuel and electricity, without corresponding improvements in living standards.

“Nigerians, already suffering from subsidy removals, are now confronted with unexplained debt forgiveness that will simply replace revenue the government is trying to raise through unfair taxation,” he said.

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He insisted that the government must provide a clear and transparent justification for approving such a large write-off.

Comparison with national budget priorities

The former presidential candidate highlighted what he described as the opportunity cost of the debt cancellation, noting that the amount exceeds the ₦7.1 trillion allocated in the 2025 budget to education, health and agriculture combined.

“In practical terms, this money could fund critical sectors, lift millions out of poverty and significantly reduce the over 130 million Nigerians currently living in poverty,” Obi said.

He also observed that the ₦8 trillion write-off is nearly double the ₦4.9 trillion earmarked for national security in the 2025 budget, despite worsening insecurity across the country.

Call for accountability and transparency

Obi further argued that the same resources could have been channelled into job creation, claiming it could empower millions of unemployed youths and stimulate development at the grassroots.

“The President, who also serves as the minister in charge, owes Nigerians clear answers. Citizens deserve honesty, fiscal discipline and governance that protects public interest, not the interests of mismanaged corporations or political elites,” he said.

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Describing the decision as unacceptable, Obi concluded:

“This betrayal of the people must be stopped. A new Nigeria is possible.”

Agbese reacts to Tinubu’s $1.42bn NNPC write-off

Earlier, Legit.ng reported that Philip Agbese, deputy spokesperson of the House of Representatives, weighed in on President Bola Tinubu's approval of the cancellation of $1.42 billion and 5.57 trillion naira in debts owed by the Nigerian National Petroleum Company Limited (NNPCL).

In a statement released on Friday, January 2, Agbese hailed President Tinubu for taking the decision, which he described as "a resounding endorsement of the transparent and transformative leadership of NNPCL Group Chief Executive Officer, Engr. Bashir Bayo Ojulari."

Proofreading by Funmilayo Aremu, copy editor at Legit.ng.

Source: Legit.ng