Reporting by The Nation indicates Labour Party leader Peter Obi criticized the federal government’s reported write-off of roughly ₦8 trillion in debts linked to the Nigerian National Petroleum Company Limited (NNPCL), calling it fiscally reckless.
The write-off reportedly includes a mix of naira and dollar liabilities, which the presidency framed as a balance-sheet cleanup ahead of a potential public listing. Obi argued that such a large cancellation should be backed by transparent audits and accountability.
He called for full disclosure on how the liabilities accumulated and suggested recovered sums should be reinvested into critical sectors like infrastructure and education.
Daily Post and Tribune Online also reported responses, including claims by government spokesmen that the step is standard corporate restructuring rather than impropriety.
Echotitbits take: This could become an early flashpoint in Nigeria’s next economic-political cycle. Balance-sheet cleanup is normal, but scale demands transparency—watch for legislative hearings or audit calls.
Source: The Guardian – https://guardian.ng/news/obi-condemns-%E2%82%A68tr-nnpc-debt-write-off-warns-of-fiscal-recklessness/ 2026-01-09
Photo Credit: The Guardian
