Former presidential candidate, Peter Obi, has raised serious concerns over alleged large-scale revenue leakages in Nigeria, warning that the country is “bleeding from within” despite a surge in national earnings.
In a statement shared on Saturday, Obi referenced recent reports by the World Bank indicating that Nigeria generated approximately ₦84 trillion in federation revenue over the past three years. However, he alleged that about 41 percent of that amount—estimated at ₦34.44 trillion—was not remitted to the Federation Account.
Obi noted that the unaccounted sum surpasses the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 Appropriation Bills, describing the comparison as a stark indication of the scale of the issue.
According to him, the development points to deep-rooted structural challenges in public finance management, depriving key sectors such as healthcare, education, and infrastructure of critical funding.
He further warned that the situation reflects what he described as “institutionalised corruption on a massive scale,” drawing parallels with the 1994 Okigbo Panel report, which revealed that $12.4 billion in oil windfall revenue was unaccounted for at the time.
Obi expressed concern that, unlike the national outrage that followed the Okigbo Panel findings, the current situation appears to be met with relative silence.
He described the country as being caught in a “lethal paradox,” where increased earnings have not translated into improved investment in critical sectors.
The former Anambra State governor called for urgent reforms, urging government authorities to strengthen transparency and accountability mechanisms, and ensure that public resources are effectively channeled towards national development priorities.
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