Candidate of the Labour Party in the 2023 presidential election, Mr Peter Obi, yesterday said President Bola Tinubu’s decision to write-off N5.57 trillion and $1.42 billion (approximately N8 trillion), in debts owed by the Nigeria National Petroleum Company Limited (NNPCL), has exposed the financial recklessness of his administration.

Obi in a statement on X yesterday, noted that the same NNPCL is currently facing serious audit inquiries for failing to account for N210 trillion.

He regretted that while Nigerians are still waiting for the outcome of the National Assembly investigation into the missing trillions, Tinubu who also serves as Minister of Petroleum Resources, has approved the write-off of about N8 trillion in NNPC debts. He said: “This company is also under scrutiny for trillions spent on non-functional refineries.”

According to him, the nearly N8 trillion write-off could off-set the revenue Tinubu government is currently seeking through unfair taxation. “The amount exceeds the 2025 combined federal budget allocations for education, health, and agriculture, which total N7.1 trillion.

“In practical terms, this money alone could fully fund critical areas of development, lifting millions of Nigerians out of poverty and significantly reducing the over 130 million people currently living in poverty in the country,” he explained.

He regretted that Nigerians, already enduring severe hardships due to the removal of petroleum and electricity subsidies, with no tangible improvements in their lives, are now confronted with this unexplained debt forgiveness.

The former Anambra State governor demanded that the government should provide a clear and transparent justification for the write-off, given the immense impact such a large amount of resources could have on national development.

He said: “The write-off sum of N8 trillion is nearly twice the 2025 federal security budget of N4.9 trillion, even as insecurity continues to devastate communities across the nation.”

“Such resources could empower eight million youths – 10% of the 80 million unemployed – creating approximately 1,000 jobs for each of the 8,809 wards, thus substantially reducing the 130 million impoverished individuals in the country.”

Obi said the president who is also the Minister of Petroleum Resources, owes the Nigerian people clear answers on the write-off.