Nigeria’s former presidential candidate, Peter Obi, has raised serious concerns over what he described as massive revenue leakages within the country’s financial system, warning that the nation is “bleeding from within.”
Reacting to recent findings by the World Bank, Obi said it was deeply troubling that although Nigeria generated about ₦84 trillion in federation revenue over the past three years, an estimated 41%—amounting to ₦34.44 trillion—was not remitted to the Federation Account.
According to him, the missing sum exceeds the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 national budgets, highlighting what he called a “fundamental failure” in public financial management.
Obi described the situation not as an administrative lapse but as “institutionalised corruption on a massive scale,” drawing parallels with the 1994 Okigbo Panel report, which revealed $12.4 billion in unaccounted oil revenue and sparked nationwide outrage at the time.
He lamented that, unlike in the past, the current revelations have been met with what he termed “disturbing silence,” despite the far-reaching implications for the country’s development.
The former Anambra State governor noted that Nigeria now faces a paradox of increasing revenue generation alongside declining investments in critical sectors such as healthcare, education, and infrastructure. He attributed this to systemic deductions and revenue retention practices by government agencies, which he said now control funds exceeding allocations to some states and key ministries.
Obi warned that continued financial leakages are undermining Nigeria’s ability to compete globally, pointing out that countries with fewer resources are outperforming Nigeria across major development indicators.
He called for urgent reforms anchored on transparency, discipline, and accountable leadership, stressing that Nigeria has no justification for widespread poverty given its resource base.
“We must stop these leakages and redirect our resources back to the people,” Obi stated, adding that with collective resolve, “a new Nigeria is possible.”
