LAGOS, Nigeria — Former Nigerian presidential candidate Peter Obi has raised alarm over what he describes as massive revenue leakages in the country’s public finance system, warning that Nigeria is “bleeding from within” despite rising national earnings.
In a statement posted on social media platform X on Saturday, Obi cited World Bank data showing Nigeria generated approximately ₦84 trillion in federation revenue over the past three years. However, he alleged that 41 percent of this amount—about ₦34.44 trillion—was never remitted to the Federation Account.
The former Anambra State governor noted that this unallocated sum exceeds the combined ₦34 trillion earmarked for capital projects in Nigeria’s 2024 and 2025 Appropriation Bills, describing the comparison as a stark indicator of systemic inefficiencies in public finance management.
Obi warned that such revenue losses have deprived critical sectors—including healthcare, education, and infrastructure—of much-needed funding. He called for greater transparency and accountability in revenue collection and allocation, urging leaders to prioritize national development over institutional mismanagement.
“This is not a mere oversight; it points to institutionalised corruption on a massive scale,” Obi said. “In 1994, when the Okigbo Panel reported about $12.4 billion from the Gulf War oil windfall as unaccounted for, Nigerians were outraged. Today, an even more troubling situation appears to be unfolding, yet it is met with a disquieting silence.”
He added that Nigeria is trapped in a “lethal paradox”: earning more as a nation while having less to invest in essential services. “From 2025, systemic ‘deductions’ have allowed agencies to capture more resources than entire states and even critical ministries,” he said.
Obi’s comments come amid ongoing public debate over governance, fiscal transparency, and the effective use of Nigeria’s oil and non-oil revenues. His remarks are likely to fuel further scrutiny of federal revenue management practices as the country faces mounting economic and developmental challenges.
