The recent decision by Nigeria's President to write off a colossal debt owed to the nation by the Nigerian National Petroleum Company Limited (NNPC Ltd) has ignited a firestorm of controversy and demands for legal accountability.
Questioning the Legality of the Presidential Pardon
According to Jide Oyewusi, coordinator of Ethics Watch International Nigeria, in a statement dated 7 January 2026, the President's action appears to have been carried out ultra vires—beyond the powers granted by the nation's constitution. The move, which erased a staggering $1.42 billion and N5.57 trillion from the national ledger, has left citizens and observers baffled.
Oyewusi raises critical questions about the motive behind such a drastic financial pardon. Could it be driven by a desperate ambition to secure victory in the next election? Or is it an attempt to shield powerful individuals from exposure should a proper probe be initiated? Whatever the reason, he emphasizes that Nigeria remains a democracy, not a military junta where citizens have no voice.
A Call for Action and Reversal
The article underscores that no single individual in a democracy holds the unilateral power to brazenly write off assets belonging to the entire citizenry. Consequently, there is an urgent call for the National Assembly to intervene. The legislative body is urged to treat this matter with the utmost seriousness it deserves and to reverse the decision in the interest of Nigeria and all Nigerians.
While acknowledging that this humongous debt has been a contentious issue for decades, predating the current administration, the prescribed solution is not a blanket pardon. The proper course, as outlined, is to:
- Invite all involved parties for questioning.
- Investigate thoroughly to uncover any misdemeanor.
- Prosecute and hold culpable individuals accountable.
The Dire Consequences for a Struggling Nation
Writing off such stupendous national wealth is portrayed as an unconscionable act for a country in dire straits. Nigeria desperately needs funds for:
- Decaying infrastructure and roads that remain death traps.
- A moribund health sector that fuels medical tourism.
- An education system starved of requisite funding.
- Creating massive employment to steer youths away from cybercrimes.
- Improving welfare packages for the labour force.
The article warns that this action sends a dangerous signal that governance is now about "grabbing and looting while the opportunity lasts," undermining any expectation of accountability from public officers. This point is hammered home by noting that the Economic and Financial Crimes Commission (EFCC) is still struggling to recover massive funds looted by officials from the immediate past regime.
If the National Assembly fails to act due to its perceived "rubber stamp" nature, the mantle must be taken up by other national bodies like the Nigerian Bar Association (NBA) or the Nigeria Labour Congress (NLC). Oyewusi concludes with a powerful metaphor, stating that Nigeria is being sold in broad daylight, and all citizens must rise to shout a resounding "Capital No!"
