Peter Obi of the African Democratic Congress, ADC, has
expressed concern over what he described as massive revenue leakages in
Nigeria, warning that the country is “bleeding from within” despite rising
earnings.
In a statement shared on X on Saturday, Obi cited recent
reports by the World Bank indicating that Nigeria generated about ₦84 trillion
in federation revenue over the past three years.
He, however, alleged that 41 percent of the amount,
approximately ₦34.44 trillion was not remitted to the Federation Account.
He noted that the figure exceeds the combined ₦34 trillion
allocated for capital projects in the 2024 and 2025 Appropriation Bills,
describing the comparison as a reflection of the scale of the issue.
According to him, the development suggests systemic problems
in public finance management, which he said have continued to deprive critical
sectors such as healthcare, education and infrastructure of needed funding.
The former presidential candidate called for greater
transparency and accountability in revenue management, urging leaders to
redirect public resources towards national development priorities.
“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. In 1994, when the Okigbo Panel
reported about $12.4 billion from the Gulf War oil windfall as unaccounted for,
Nigerians were outraged and the nation shook with indignation.
“Today, an even more troubling situation appears to be
unfolding, yet it is met with a disquietening silence.
“We are trapped in a lethal paradox: Earning more as a
nation, yet having less to invest in healthcare, education, and infrastructure.
From 2025, systemic “deductions” have allowed agencies to capture more
resources than entire states and even critical ministries,” part of Obi’s
statement read.
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