Atiku Abubakar, the former vice president, has demanded a thorough audit of the federal government’s power sector financial interventions. This request follows claims from the Association of Power Generation Companies (APGC) that contradict the administration’s narrative regarding debt settlements.
Represented by his aide, Phrank Shaibu, Abubakar expressed concerns that recurring bond issuances represent a cycle of borrowing lacking transparency. Dr. Joy Ogaji, the Executive Secretary of the APGC, recently noted that the ₦501 billion bond was not fully distributed, despite government assertions. She has challenged officials to disclose a complete list of beneficiaries, specific payment amounts, and transaction dates.
Abubakar characterized the government’s approach as prioritizing grand announcements over substantive results. He highlighted that despite repeated promises of debt clearance, generation companies report that liabilities are actually increasing. The former vice president questioned why new borrowing is being planned if previous efforts were successful.
The statement calls on the National Assembly and the Auditor-General to investigate these discrepancies. Abubakar emphasized that taxpayer funds must be traceable, noting that the administration has yet to provide clear evidence that its interventions have successfully stabilized the power sector or settled outstanding debts.
