Former presidential candidate, Peter Obi, has raised concerns over alleged revenue leakages in Nigeria, warning that the country is “bleeding from within” despite increased earnings in recent years.
Reacting to a report by the World Bank, Obi disclosed that Nigeria generated approximately ₦84 trillion in federation revenue over the past three years. However, he alleged that about 41 per cent of the total; estimated at ₦34.44 trillion, was not remitted to the Federation Account.
The former Anambra State governor described the development as deeply troubling, noting that the unaccounted funds exceed the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 Appropriation Acts.
According to him, the situation reflects serious structural challenges in public financial management, with far-reaching consequences for key sectors such as healthcare, education and infrastructure.
“It is deeply troubling to read recent World Bank reports indicating that, while Nigeria’s Federation Revenue surged to ₦84 trillion in just three years, a staggering 41%, amounting to ₦34.44 trillion, never reached the Federation Account,” Obi stated.
He further argued that the scale of the alleged discrepancy suggests systemic inefficiencies and possible institutional corruption, warning that such practices continue to undermine national development.
Drawing a historical comparison, Obi referenced the 1994 Okigbo Panel report, which revealed $12.4 billion in unaccounted oil windfall funds, noting that the current situation appears even more severe but has not attracted commensurate public reaction.
The former presidential candidate called for urgent reforms, emphasizing the need for transparency, accountability and responsible management of public resources.
He urged government authorities to prioritise prudent fiscal practices and ensure that national revenue is effectively channelled into critical development areas.
Obi concluded that unless decisive steps are taken, Nigeria risks deepening its economic challenges despite increasing revenue inflows.
