Former Vice President Atiku Abubakar has criticised the Federal Government’s plan to raise another bond to settle debts in the power sector, describing the move as a “scandalous display of fiscal recklessness” and an indication of deepening institutional opacity.

In a statement issued through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku accused the administration of President Bola Ahmed Tinubu of repeatedly resorting to borrowing to address persistent power sector challenges without providing clear explanations on how previous interventions were managed.

He argued that Nigerians deserve full transparency on earlier funds committed to the sector, insisting that successive debt-clearing efforts have failed to resolve the structural liquidity crisis affecting the electricity value chain. According to him, no responsible government should continue to raise new funds for a problem that past borrowings were said to have already addressed.

“The government must disclose how much was raised, where the funds were domiciled, who received payment, what debts were settled, what obligations remain outstanding, and why fresh borrowing has become necessary,” he said.

Atiku, the presidential candidate of the opposition African Democratic Congress (ADC), described the situation as a recurring pattern of “borrowing, deception, and non-disclosure,” alleging that the power sector has become a consistent channel of financial opacity. He warned that repeated bond issuances without accountability could further erode public trust in governance.

He referenced recent government interventions, including a ₦590 billion bond, a ₦501 billion bond, and a subsequent ₦3.3 trillion approval for additional debt clearance in the sector.

Despite these interventions, he noted that power generation companies have reportedly continued to insist that outstanding debts remain unpaid. He also cited comments by the Association of Power Generation Companies, which alleged that earlier approved funds had not fully reached creditors, raising concerns about disbursement and implementation.

Atiku said the contradiction between official government announcements and claims from industry operators raises a critical question about the whereabouts of previously allocated funds.

“What happened to the money?” he asked.

He further warned that continued reliance on borrowing without transparency risks turning public finance into a “revolving door of debt,” while also faulting what he described as a repeated cycle of government announcements, debt approvals, and renewed borrowing for the same challenges.

Atiku stressed that Nigeria’s power crisis cannot be resolved through debt issuance alone, insisting that accountability, transparency, and structural reforms are necessary to restore confidence in the sector.

He added that despite trillions of naira reportedly committed over the years, Nigerians still face unstable electricity supply, high energy costs, and declining industrial productivity.