The Chairman of the Alliance for Economic Research and Ethics Ltd/GTE, Dele Oye, has criticised the Federal Government’s assessment of recent energy sector reforms, arguing that the reported progress has not eased the burden on Nigerians facing high fuel prices, unreliable electricity supply and rising business costs.
Reacting to the Presidency’s report, “Nigeria’s Energy Sector Reforms: A Three-Year Review (2023–2026),” Oye said the achievements highlighted by the government do not reflect the realities experienced by households and businesses across the country.
He expressed concern over the financial position of the Nigerian National Petroleum Company Limited (NNPC Ltd), noting that the company’s internal debt has risen to about N30.3 trillion. According to him, the increase raises questions about efficiency, governance and the sustainability of reforms within the energy sector.
Oye also pointed to debts linked to the Port Harcourt, Kaduna and Warri refineries, saying the facilities have consumed significant rehabilitation funds while remaining largely unproductive.
The economic analyst further criticised the government’s decision to write off part of NNPC’s legacy debts, arguing that it contradicts efforts to promote fiscal discipline at a time when many Nigerians are struggling with rising energy costs.
He also highlighted the continued dependence of businesses on diesel-powered generators due to unstable electricity supply, noting that companies spent an estimated N1.83 trillion on diesel within two months.
While acknowledging improvements in the upstream oil and gas investment environment, Oye cautioned against treating announced investment commitments as completed investments. He said substantial gaps remain between project approvals and actual capital deployment.
He further cited ongoing challenges in the petroleum sector, including crude oil theft, regulatory inefficiencies and transparency concerns, which he said continue to affect performance.
According to Oye, the true success of energy reforms should be measured by improved electricity supply, lower production costs, greater efficiency and reduced dependence on generators rather than policy announcements.
He called for greater transparency in the sector, including independent verification of government reports and the publication of detailed financial and production data.
