Nigeria bleeding from within – Peter Obi alleges N34.44tn missing revenue
Concern Raised Over Revenue Leakages in Nigeria
Peter Obi, a prominent member of the African Democratic Congress (ADC), has voiced significant concerns about reported revenue leakages within Nigeria’s economy. In a statement released on social media platform X on Saturday, Obi highlighted what he described as systemic issues that are contributing to the country’s financial challenges, despite recent increases in national earnings.
Referencing World Bank reports, Obi noted that Nigeria generated approximately ₦84 trillion in federation revenue over the past three years. However, he alleged that around 41 percent, equating to ₦34.44 trillion, did not make its way into the Federation Account. This discrepancy, according to Obi, surpasses the total ₦34 trillion allocated for capital projects in the 2024 and 2025 Appropriation Bills, raising concerns about the management of public finances.
Obi emphasized that these financial shortfalls are depriving vital sectors, including healthcare, education, and infrastructure, of necessary funding. He called for enhanced transparency and accountability in the management of revenue, urging leaders to prioritize national development in the allocation of public resources.
“It is deeply troubling to read recent World Bank reports indicating that Nigeria’s Federation Revenue surged to ₦84 trillion in just three years, while a staggering 41%, amounting to ₦34.44 trillion, never reached the Federation Account,” Obi stated. He compared this sum to the funds intended for critical capital projects, which illustrates the severity of the ongoing financial issues.
Obi further characterized the situation as indicative of “institutionalized corruption on a massive scale.” He recalled a similar outcry in 1994, when the Okigbo Panel reported $12.4 billion unaccounted for from the Gulf War oil windfall, which led to widespread indignation among Nigerians.
“Today, an even more troubling situation appears to be unfolding, yet it is met with a disquieting silence,” Obi remarked. He pointed out a paradox that sees the nation earning more while having less to invest in essential services, warning that systemic “deductions” have allowed agencies to retain resources exceeding those of entire states and critical ministries.
