Nigerian Governors Demand Proof of Tinubu’s $1.42B & ₦5.5T NNPC Debt Write-Off
Nigerian governors have called for transparency and evidence following reports of President Bola Tinubu’s alleged write-off of $1.42 billion and ₦5.5 trillion in legacy debts owed to the federation by the Nigerian National Petroleum Company Limited (NNPC Ltd). The governors’ concerns come amid growing calls for accountability and clear documentation on the substantial financial decisions affecting public resources. According to sources, the write-off is part of a broader attempt to restructure NNPC’s debt profile, “For more on past controversies and enforcement practices in Nigeria’s energy sector, see our report on Nigeria Customs Service operations and past controversies.” with the federal government reportedly seeking to relieve the company of past obligations to improve operational efficiency. However, several state leaders argue that such massive debt cancellations cannot occur without full disclosure and proper justification, stressing the importance of transparency in federal fi...