“Where Did $3.23B Go?” Peter Obi Slams Mismanagement of Power Funds Amid Another Grid Failure

Former presidential candidate Peter Obi has raised serious concerns over Nigeria’s persistent electricity woes despite borrowing a staggering $3.23 billion in the last four years to address the sector’s challenges.

Speaking after reports of a power outage on Saturday, Obi lamented the recurring grid collapses that have left millions of Nigerians in darkness, disrupted businesses, and crippled critical infrastructure. Although the Transmission Company of Nigeria (TCN) dismissed claims of a nationwide collapse, attributing the incident to two tripped transmission lines affecting parts of Lagos, Obi remains unconvinced.

The Labour Party leader described the power sector’s failings as a “recurring decimal,” highlighting that the national grid collapsed approximately 12 times in 2024 alone. “The untold setback and hardship it brought on households and businesses was immeasurable,” Obi said, questioning why Nigeria still struggles to produce just 4,500 megawatts of power after years of borrowing and investment.

“Instead of making significant progress, we’re witnessing recurrent failures. One wonders where all the funds borrowed for the power sector have gone,” he stated.

Obi linked the crisis to widespread corruption and a lack of commitment by leaders, urging the government to prioritize genuine development in 2025. He emphasized that without stable electricity, the nation’s economy, particularly households and small businesses, will continue to suffer.

This latest critique comes as Nigerians grapple with the realities of an unreliable power supply despite years of promises and investments in the energy sector. Obi’s call for transparency and accountability strikes a chord with many citizens who question why the lights are still out after billions of dollars have been spent.