Former Anambra State Governor and African Democratic Congress (ADC) chieftain, Peter Obi, has raised alarm over extensive revenue leakages in Nigeria’s public finance system, warning that the country is “bleeding from within” despite increased national earnings.
In a statement posted on his X account on Saturday, Obi referenced recent World Bank figures suggesting that Nigeria generated about N84 trillion in federal revenue over the past three years.
He however, alleged that a significant portion, about 41 per cent, or approximately N34.44 trillion was not remitted into the Federation Account.
He argued that the unremitted sum exceeded the combined N34 trillion allocated for capital projects in the 2024 and 2025 national budgets, describing the comparison as an indication of the severity of fiscal inefficiencies in the country.
Obi warned that the situation reflected deeper systemic weaknesses in public financial management, which he said continue to deprive key sectors such as healthcare, education, and infrastructure of critical funding.
According to him, the development goes beyond administrative lapses and points to what he described as institutionalised corruption on a large scale.
He drew a historical parallel with the 1994 Okigbo Panel report on the Gulf War oil windfall, noting that the alleged disappearance of $12.4 billion at the time triggered national outrage.
He, however, lamented that the current situation appeared even more alarming but has not attracted a similar level of public response.
“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 per cent, amounting to N34.44 trillion, never reached the Federation Account,” Obi said.
“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.”
He added that the country is facing what he described as a “lethal paradox,” where rising revenues have not translated into improved living conditions or increased investment in critical public services.
“We are trapped in a lethal paradox: earning more as a nation, yet having less to invest in healthcare, education, and infrastructure,” he stated.
Obi also raised concerns over what he called increasing “systemic deductions” from national revenue streams, alleging that some government agencies now retain funds at levels that surpass allocations to entire states and key federal ministries.
He called for stronger transparency mechanisms, improved accountability in public finance, and a renewed commitment to ensuring that national resources are directed toward development priorities that benefit citizens.
The former presidential candidate insisted that addressing revenue leakages was essential to restoring public trust and improving economic outcomes across the country.
