Peter Obi questions ‘$3.23b borrowings’ for power projects amid unstable supply

Former 2023 presidential candidate Peter Obi has questioned the whereabouts and impact of over $3.23 billion borrowed by Nigeria in the last four years to address electricity challenges.

Obi questions come in response to the persistent national grid collapse that has plunged several parts of the country into darkness.

On Saturday, reports claimed that there was another grid collapse that disrupted power supply to homes, businesses, and critical infrastructure in the country.

However, The Transmission Company of Nigeria (TCN) has dismissed reports of a nationwide power grid collapse.

TCN said the power outage incident earlier today was caused by the tripping of two transmission lines, which affected electricity supply to parts of Lagos.

Meanwhile, Obi described the issue as a “recurring decimal” that continues to cause immense hardship for citizens and businesses.

Obi lamented that the grid had already collapsed just 11 days into the new year, following a series of similar incidents last year.

He noted that the national grid failed approximately 12 times in 2024, causing widespread setbacks and economic strain.

“The untold setback and hardship it brought on households and businesses was immeasurable,” Obi lamented.

He also questioned the efficiency of funds allocated to the power sector.

According to Obi, Nigeria borrowed over $3.23 billion in the past four years to address electricity challenges but still struggles to produce more than 4,500 megawatts of power.

“Further reports showed that Nigeria has borrowed over $3.23 billion in the last four years to fix its electricity problems, and yet the country cannot produce more than about 4,500 megawatts of power for the people.

“Instead of making significant progress, our recurrent occurrences of grid collapse have continued to characterize our power sector.

“One then wonders where all the funds borrowed for the power sector have gone into.

“The lack of sincere commitment by us, the leaders, to the true development of the nation, followed by the widespread corruption eating through every sector of our national existence, has continued to drive retrogression and backwardness in our nation.

“This is a new year, and again, I will appeal to the government to make it a fresh start by building on the lessons of yesteryear to now improve every aspect of the nation, including the power sector, without which households and small businesses will continue to struggle under immeasurable economic burdens.”