Peter Obi slams FG over ‘N8 trillion NNPC debt write-off’, calls for transparency
Former presidential candidate of the Labour Occasion, Peter Obi, has criticised the Federal Authorities over the approval of the write-off of practically N8 trillion in money owed owed by the Nigerian Nationwide Petroleum Firm Restricted (NNPC).
Expressing his concern in a put up on X on Wednesday, Obi described the transfer as a harmful signal of rising {financial} recklessness.
President Bola Tinubu had final month permitted the cancellation of a considerable portion of money owed owed by the Nigerian Nationwide Petroleum Firm Restricted (NNPC Ltd) to the Federation Account, wiping off about $1.42 billion and N5.57 trillion.
Obi mentioned that the choice got here regardless of unresolved audit queries and mounting {economic} hardship going through Nigerians.
“{Financial} recklessness is more and more changing into normalized in our nation,” Obi mentioned.
In keeping with Obi, reviews point out that the President permitted the write-off of N5.57 trillion and $1.42 billion, amounting to roughly N8 trillion, in money owed owed by NNPC, an organization that lately declared earnings and claimed it had “turned a brand new leaf.”
“This is similar company presently going through critical audit inquiries for failing to account for N210 trillion,” he mentioned.
Obi famous that the quantity below audit scrutiny far exceeds Nigeria’s mixed Federal budgets over a four-year interval.
Offering context, Obi identified that the Federal Authorities’s budgets stood at roughly N21.83 trillion in 2023, N43.56 trillion in 2024, N54.99 trillion in 2025, and an estimated N58.18 trillion for 2026, bringing the entire to about N178.56 trillion.
“Nigerians are nonetheless ready for the end result of the Nationwide Meeting investigation into the lacking trillions,” he mentioned.
He added that NNPC stays below scrutiny for trillions of naira spent on non-functional refineries, making the debt write-off much more troubling.
Obi argued that the write-off comes at a time when Nigerians are grappling with rising dwelling prices following the elimination of petroleum and electrical energy subsidies, with out corresponding enhancements of their welfare.
“Nigerians, already enduring extreme hardships… at the moment are confronted with this unexplained debt forgiveness,” he mentioned.
He warned that the practically ₦8 trillion write-off would successfully exchange income the federal government is now in search of via what he described as “unfair taxation.”
The previous Anambra State governor confused that the funds written off might have been channelled into vital sectors of the economic system.
“This virtually N8 trillion write-off might have generated the income the federal government now seeks via these unfair taxes,” Obi mentioned.
He famous that the quantity exceeds the N7.1 trillion mixed allocation for schooling, well being and agriculture within the 2025 Federal Funds.
“In sensible phrases, this cash alone might totally fund vital areas of growth, lifting tens of millions of Nigerians out of poverty,” he added.
Obi additional noticed that the write-off sum is practically twice the 2025 Federal safety finances of N4.9 trillion, at the same time as insecurity continues to ravage communities nationwide.
In keeping with him, such assets might empower eight million youths, representing 10 per cent of Nigeria’s estimated 80 million unemployed, by creating roughly 1,000 jobs in every of the nation’s 8,809 wards.
Obi insisted that the President, who additionally oversees the petroleum sector, owes Nigerians clear and clear explanations.
“The residents deserve honesty, fiscal self-discipline, and governance that protects their pursuits—not the pursuits of mismanaged firms or political elites,” he mentioned.
He concluded by urging Nigerians to withstand what he described as a betrayal of public belief.
“This betrayal of the folks should be stopped,” Obi mentioned.
What it is best to know
The approval was documented by the Nigerian Upstream Petroleum Regulatory Fee (NUPRC), titled “Report of October 2025 Income Assortment Introduced on the Federation Account Allocation Committee Assembly Held on 18th November 2025”.
The directive successfully clears the legacy money owed accrued as much as December 31, 2024, resolving long-standing disputes between NNPC Ltd and the Federation whereas leaving present liabilities from 2025 operations below ongoing monitoring.