Atiku Slams Tinubu’s N4tn Power Bond Plan, Calls It ‘Fiscal Recklessness’

Former Vice President Atiku Abubakar has strongly criticised the Federal Government’s plan to raise a ₦4 trillion bond to address legacy debts in Nigeria’s power sector, describing the move as a troubling example of fiscal recklessness and poor accountability.

Atiku’s reaction followed President Bola Ahmed Tinubu’s announcement during his Democracy Day address that the administration intends to issue a ₦4 trillion bond to resolve outstanding liabilities in the electricity sector and improve power supply across the country.

In a statement issued on Sunday by his spokesman, Phrank Shaibu, the former vice president questioned why the government continues to seek fresh borrowing for the same problem despite previous interventions aimed at addressing power sector debts.

According to Atiku, Nigerians deserve clear explanations regarding the utilisation of funds previously raised to tackle challenges in the sector before another debt instrument is introduced.

He argued that no government committed to transparency should repeatedly borrow to solve the same problem while failing to provide a comprehensive account of earlier funds raised for similar purposes.

Atiku said the timing of the announcement was particularly ironic, coming shortly after Democracy Day celebrations, a period traditionally associated with accountability, transparency, and responsible governance.

He maintained that democratic governance requires leaders to explain how public resources have been spent, especially when new borrowing proposals are being presented to citizens.

The former vice president further stated that Nigerians are becoming increasingly concerned about what he described as a recurring pattern of borrowing without adequate disclosure regarding the outcomes of previous financial interventions.

According to him, the government must answer questions surrounding earlier debt-clearing arrangements in the power sector before introducing another borrowing programme.

“Atiku said Nigerians are counting and what they are seeing does not add up,” the statement noted.

He argued that continuously raising funds to solve the same challenge while the underlying problem remains unresolved raises serious concerns about financial management and policy effectiveness.

Describing the development as a “racket,” Atiku insisted that accountability must remain central to public finance management and governance.

The Federal Government has maintained that addressing legacy debts in the power sector is necessary to improve liquidity, attract investment, and enhance electricity generation and distribution.

The proposed ₦4 trillion bond is expected to form part of broader efforts to stabilise Nigeria’s electricity industry and improve power supply nationwide.