The presidential candidate of the African Democratic Congress (ADC), Peter Obi, has raised concerns over what he described as massive revenue leakages in Nigeria, warning that the country is “bleeding from within” despite increased national earnings.
In a statement posted on his X handle on Saturday, Obi referenced recent World Bank reports indicating that Nigeria generated about ₦84 trillion in federation revenue over the past three years. He, however, alleged that 41 per cent of the amount—approximately ₦34.44 trillion—was not remitted into the Federation Account.
Obi noted that the alleged unremitted funds exceed the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 national budgets. According to him, this comparison highlights the severity of the country’s public finance challenges.
He argued that the situation reflects deep-rooted structural weaknesses in revenue management, which he said have continued to deprive key sectors such as healthcare, education, and infrastructure of essential funding.
The former Anambra State governor called for urgent reforms to improve transparency and accountability in public finance administration, urging leaders to ensure that national resources are properly channeled toward development priorities.
Obi said, “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.
“This sum exceeds the combined ₦34 trillion earmarked for capital projects in the 2024 and 2025 Appropriation Bills, a comparison that underscores the gravity of the situation and signals that something is fundamentally wrong.
“This is not a mere oversight; it points to institutionalised corruption on a massive scale.”
He further referenced historical concerns about missing public funds, including the 1994 Okigbo Panel report on unaccounted oil windfall revenues, noting that Nigerians reacted strongly at the time.
Obi added that the current situation appears even more alarming but is met with what he described as “a disquieting silence.”
He warned that Nigeria is facing a “lethal paradox” of increasing revenue generation alongside declining investment in critical sectors such as education, healthcare, and infrastructure, calling for immediate corrective action to prevent further economic deterioration.
