Mr Peter Obi of the African Democratic Congress, ADC, has raised concern over what he described as massive revenue leakages in Nigeria.
He warns that the country is “bleeding from within” despite rising earnings.
In a statement posted on X on Saturday, Peter Obi referenced recent World Bank data showing that Nigeria’s federation revenue for the previous three years was approximately ₦84 trillion.
He, however said that about ₦34.44 trillion, or 41% of the total, was not transferred to the Federation Account.
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He pointed out that the amount surpasses the ₦34 trillion allotted for capital projects in the 2024 and 2025 Appropriations Bills, characterising the contrast as an indication of the magnitude of the problem.
He further claims that the development points to fundamental issues with public finance management, which have persisted in denying necessary financing to vital areas like infrastructure, healthcare, and education.
Peter Obi also urged officials to reroute public funds to national development priorities and demanded more responsibility and transparency in revenue management.
“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.
When Okigbo Panel reported in 1994 that officials failed to account for about $12.4 billion from the Gulf War oil windfall, outraging Nigerians and shaking the nation with indignation.”
“Today, an even more troubling situation appears to be unfolding, yet many Nigerians are responding with a disquieting silence.”
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“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
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