Peter Obi raises alarm over missing ₦34.44trn, says ‘Nigeria bleeding from within’
Former presidential candidate and chieftain of the African Democratic Congress, Peter Obi, has raised alarm over what he described as massive revenue leakages in Nigeria, warning that the country is “bleeding from within” despite increased earnings.
In a statement posted on X on Saturday, Obi referenced recent reports by the World Bank, which indicated 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.
Obi noted that the unaccounted sum exceeds the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 Appropriation Acts, saying the comparison highlights the scale of the problem.
According to him, the development points to deep-rooted challenges in public finance management, depriving key sectors such as healthcare, education, and infrastructure of critical funding.
The former Anambra State governor called for urgent reforms, stressing the need for greater transparency and accountability 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 percent, amounting to ₦34.44 trillion, never reached the Federation Account,” he said.
“This sum exceeds the combined ₦34 trillion earmarked for capital projects in the 2024 and 2025 budgets, underscoring the gravity of the situation and suggesting that something is fundamentally wrong.”
Obi described the situation as indicative of “institutionalised corruption on a massive scale,” drawing parallels with the 1994 Okigbo Panel report, which uncovered $12.4 billion in unaccounted oil windfall funds.
He lamented that while the earlier revelation sparked national outrage, current developments appear to be met with silence.
“We are trapped in a lethal paradox—earning more as a nation, yet having less to invest in critical sectors. Since 2025, systemic deductions have enabled agencies to retain more resources than entire states and key ministries,” he added.
Obi urged leaders to prioritise national development by ensuring public funds are properly managed and directed toward improving the welfare of Nigerians.
