“NIGERIA BLEEDING FROM WITHIN” – PETER OBI ALLEGES N34.44TN MISSING REVENUE
Read Time:1 Minute, 46 Second
By: Muftau Fatimo
Mr Peter Obi of the African Democratic Congress (ADC) has raised concerns over what he described as significant revenue leakages in Nigeria, warning that the country is “bleeding from within” despite increased earnings.
In a statement posted on X on Saturday, Obi referenced recent World Bank reports indicating that Nigeria generated about ₦84 trillion in federation revenue over the past three years.
He alleged, however, that 41 percent of the funds—approximately ₦34.44 trillion—was not remitted to the Federation Account.
He noted that the figure exceeds the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 Appropriation Bills, describing the comparison as a reflection of the scale of the issue.
According to him, the development suggests systemic problems in public finance management, which he said have continued to deprive critical sectors such as healthcare, education and infrastructure of needed funding.
The former presidential candidate called for greater transparency and accountability in revenue management, urging leaders to redirect public resources 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 that about $12.4 billion from the Gulf War oil windfall was unaccounted for, Nigerians were outraged and the nation was shaken with indignation.
“Today, an even more troubling situation appears to be unfolding, yet it is being met with a disturbing silence.
“We are trapped in a dangerous paradox: earning more as a nation, yet having less to invest in healthcare, education, and infrastructure. From 2025, systemic ‘deductions’ have allowed agencies to retain more resources than entire states and even critical ministries,” the statement read in part.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0