Former Labour Party presidential candidate Peter Obi has faulted the federal government’s approval of an almost N8 trillion nnpc debt cancellation and called for full transparency.
Obi condemned the decision following President Bola Tinubu’s approval to remove N5.57 trillion and $1.42 billion in debts owed by the Nigerian National Petroleum Company Limited to the federation account.
In his post on X on Wednesday, the former Anambra State governor described the move as a worrying signal of fiscal irresponsibility. He argued that the cancellation proceeded while major audit questions remained unanswered.
Obi warns against normalizing recklessness
Obi said the approval appeared contradictory because nnpc recently declared profits and claimed reforms.
He noted that the same agency faces audit inquiries over an alleged failure to account for about N210 trillion. According to him, those figures dwarf Nigeria’s federal budgets for several years.
To illustrate, Obi referenced budget sizes of N21.83 trillion in 2023, N43.56 trillion in 2024, N54.99 trillion in 2025, and an estimated N58.18 trillion for 2026. The combined total reaches roughly N178.56 trillion.
He added that Nigerians still await reports from the national assembly probe into missing funds and refinery expenditures.
Citizens bear the burden
Obi argued that the debt forgiveness comes during severe economic hardship caused by subsidy removals in petroleum and electricity.
He warned that the write-off would force government to replace lost revenue through what he termed unfair taxation.
The LP leader stressed that nearly N8 trillion could transform education, health and agriculture. He said the amount exceeds the N7.1 trillion joint allocation for those sectors in 2025.
Jobs and security implications
Obi observed that the sum almost doubles the 2025 security budget of N4.9 trillion, yet insecurity persists nationwide.
He proposed that such funds could empower eight million youths and create about 1,000 jobs in each of Nigeria’s 8,809 wards.
Obi maintained that the president, as petroleum minister, must provide honest explanations and protect public interest.
What you should know
The approval appeared in an nuprc document titled Report of October 2025 Revenue Collection Presented at the FAAC Meeting Held on 18 November 2025.
The directive clears legacy debts up to December 31, 2024, resolves disputes between nnpc Ltd and the federation, and leaves 2025 liabilities under monitoring.
