Former Labour Party presidential candidate Peter Obi has strongly criticised President Bola Ahmed Tinubu for approving the 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.” Obi made the remarks in a statement shared on his verified social media handle on Tuesday, January 6, highlighting the economic implications of the decision amid widespread hardship.
Obi noted that the debt write-off comprises ₦5.57 trillion in naira and $1.42 billion in foreign currency. He emphasised that the decision comes despite unresolved audit concerns over the state-owned oil firm, which is reportedly facing scrutiny 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 said, stressing that citizens are yet to see the outcome of investigations into missing funds and spending on non-functional refineries.
The former Anambra State governor expressed concern about the opportunity cost of such a large debt cancellation, arguing that the amount exceeds the ₦7.1 trillion allocated in the 2025 budget for critical sectors such as education, health, and agriculture. He noted that the ₦8 trillion write-off is almost double the ₦4.9 trillion earmarked for national security, highlighting the potential impact on millions of Nigerians living in poverty. “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,” he said.
Obi further argued that the write-off could have been used to create jobs, empower unemployed youths, and stimulate grassroots development. He called on President Tinubu to provide transparency and accountability, insisting that governance should prioritise public interest over mismanaged corporations or political elites. “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.
Concluding his statement, Obi condemned the decision as unacceptable and reiterated that the “betrayal of the people must be stopped,” insisting that a “new Nigeria is possible” if public funds were properly managed. His criticism comes amid contrasting opinions, with some government officials praising the debt cancellation as a step toward transparency and efficiency at NNPCL.
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