Nigeria ‘Bleeding from Within’ as N34.44tn Goes Missing — Peter Obi Raises Alarm
Former presidential candidate Peter Obi has raised concerns over what he describes as massive revenue leakages in Nigeria, warning that the country is “bleeding from within” despite increased earnings.
In a statement shared on X on Saturday, Obi cited recent World Bank reports indicating that Nigeria generated about ₦84 trillion in federation revenue over the past three years. However, he alleged that 41 percent of that amount—approximately ₦34.44 trillion—was not remitted to the Federation Account.
He noted that the missing funds exceed the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 budgets, describing the comparison as a stark indication of the scale of the problem.
According to Obi, the development points to deep-rooted weaknesses in public financial management, depriving key sectors such as healthcare, education, and infrastructure of essential funding.
“It is deeply troubling that while Nigeria’s federation revenue surged to ₦84 trillion in just three years, a staggering 41 percent never made it into the Federation Account,” he said.
He added that the situation reflects more than administrative lapses, describing it as evidence of systemic corruption on a significant scale.
Drawing a historical comparison, Obi referenced the 1994 Okigbo Panel report, which revealed $12.4 billion in unaccounted oil windfall funds, noting that the current situation appears even more alarming but has not generated similar public outrage.
“We are faced with a dangerous paradox—earning more as a nation, yet having less to invest in critical sectors,” he said, adding that systemic deductions have allowed certain agencies to retain revenues at the expense of national development priorities.
Obi called for urgent reforms to strengthen transparency and accountability in revenue management, urging leaders to ensure that public resources are effectively directed toward national development.
Story by Daily Post, Nigeria
