Presidential aspirant of the African Democratic Congress (ADC), Peter Obi, has raised alarm over what he described as massive revenue leakages in Nigeria, warning that the country is “bleeding from within” despite recording significant increases in national earnings in recent years.
In a statement shared on his X (formerly Twitter) account on Saturday, Obi cited recent reports by the World Bank indicating that Nigeria generated approximately ₦84 trillion in federation revenue over the past three years. However, he alleged that a substantial portion of the funds—about 41 percent, equivalent to ₦34.44 trillion—was not remitted into the Federation Account.
According to Obi, the scale of the unaccounted funds highlights deep structural weaknesses in Nigeria’s public finance management system and raises serious concerns about transparency and accountability in the handling of national resources.
He noted that the alleged unremitted amount exceeds the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 Appropriation Acts, describing the comparison as a stark illustration of the magnitude of the problem.
“This sum exceeds the combined ₦34 trillion earmarked for capital projects in the 2024 and 2025 Appropriation Bills,” Obi said, adding that such a disparity signals that “something is fundamentally wrong” within the system.
The former Anambra State governor argued that the situation is not merely an administrative lapse but points to systemic issues that have persisted over time. He described the alleged revenue shortfall as evidence of what he termed “institutionalised corruption on a massive scale,” warning that it continues to undermine national development.
Obi drew a historical parallel to the findings of the Okigbo Panel, which reported in 1994 that about $12.4 billion from oil windfall earnings during the Gulf War period was unaccounted for. He recalled that the revelation sparked widespread outrage across the country at the time.
“In 1994, when the Okigbo Panel reported about $12.4 billion as unaccounted for, Nigerians were outraged and the nation shook with indignation,” he said.
“Today, an even more troubling situation appears to be unfolding, yet it is met with a disquieting silence,” Obi added, suggesting that the current scale of alleged revenue leakages surpasses past financial controversies.
The ADC chieftain expressed concern that despite increased revenue generation, Nigeria continues to struggle with inadequate funding for critical sectors such as healthcare, education, and infrastructure. He described the situation as a “lethal paradox,” where the country earns more but has less available for meaningful development.
“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 further alleged that since 2025, systemic deductions by certain government agencies have allowed them to retain significant portions of revenue, in some cases surpassing the allocations received by entire states and key ministries.
“Systemic deductions have allowed agencies to capture more resources than entire states and even critical ministries,” he claimed, though he did not name specific agencies in his statement.
The comments come amid ongoing national conversations about fiscal discipline, public sector accountability, and the efficient management of government revenues. Analysts have long highlighted challenges in Nigeria’s revenue collection and remittance processes, particularly within oil and non-oil sectors.
Obi called for urgent reforms to strengthen transparency in revenue administration, urging authorities to ensure that all generated funds are properly accounted for and directed toward national development priorities.
He emphasized the need for improved oversight mechanisms, stronger institutions, and stricter enforcement of financial regulations to prevent leakages and restore public confidence in the system.
The former presidential candidate also stressed that addressing revenue leakages is critical to unlocking Nigeria’s economic potential, noting that proper utilization of available resources could significantly improve living standards and accelerate development across the country.
Observers say Obi’s remarks are likely to intensify political debate ahead of the 2027 general elections, as candidates and stakeholders outline their visions for economic reform and governance.
While the federal government has not officially responded to the claims at the time of reporting, the issue of revenue transparency remains a central concern for policymakers, civil society organizations, and international partners.
Economic experts note that plugging revenue leakages could provide Nigeria with the fiscal space needed to invest in infrastructure, reduce borrowing, and stabilize the economy. However, achieving this would require sustained political will and comprehensive institutional reforms.
As discussions around Nigeria’s fiscal health continue, Obi’s warning underscores the urgency of addressing systemic inefficiencies and ensuring that national wealth is effectively managed for the benefit of all citizens.
With the country facing mounting economic pressures and development challenges, the debate over revenue accountability is expected to remain a key issue in the coming years, particularly as political actors position themselves ahead of future elections.
