Chuks Okocha in Abuja
Former Governor of Anambra State and a chieftain of the African Democratic Congress (ADC), Mr. Peter Obi, has expressed concern over what he described as massive revenue leakages in Nigeria, warning that the country was “bleeding from within” despite rising earnings.
In a statement shared on X yesterday, Obi cited recent World Bank reports indicating that Nigeria generated about N84 trillion in federal revenue over the past three years.
He, however, alleged that 41 per cent of the amount, approximately N34.44 trillion, was not remitted to the Federation Account.
He noted that the figure exceeded the combined N34 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 suggested 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 N84 trillion in just three years, a staggering 41%, amounting to N34.44 trillion, never reached the Federation Account.
“This sum exceeds the combined N34 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 disquieting 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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