Presidential aspirant of the African Democratic Congress (ADC), Peter Obi, has raised concerns over what he described as massive revenue leakages in Nigeria, warning that the country is “bleeding from within” despite increasing national earnings.
In a statement posted on his X handle on Saturday, Obi referenced recent World Bank reports which indicated that Nigeria generated about ₦84 trillion in federation revenue over the past three years.
He, however, alleged that 41 per cent of the funds, about ₦34.44 trillion—was not remitted to the Federation Account.
Obi noted that the unremitted amount is higher than the combined ₦34 trillion allocated to capital projects in the 2024 and 2025 Appropriation Bills, describing the comparison as evidence of the severity of the problem.
According to him, the situation points to deep-rooted challenges in public finance management, which he said continue to deprive key sectors such as healthcare, education, and infrastructure of essential funding.
The former presidential candidate called for stronger transparency and accountability in revenue administration, urging leaders to ensure public funds are directed towards national development priorities.
“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%, amounting to ₦34.44 trillion, never reached the Federation Account.
“This sum exceeds the combined ₦34 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 disquietening 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,” he stated.