By Paul Joseph
Former Labour Party presidential candidate, Peter Obi, has raised fresh concerns over Nigeria’s fiscal management, alleging massive revenue leakages that he says are crippling national development.
In a statement shared on X on Saturday, Obi cited recent estimates by the World Bank, which indicate that Nigeria generated about ₦84 trillion in federation revenue within the last three years.
However, he claimed that 41 per cent of that amount, roughly ₦34.44 trillion, was not remitted into the Federation Account.
Obi noted that the missing funds exceed the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 national budgets, describing the comparison as evidence of deep-rooted inefficiencies in public finance management.
According to him, the situation reflects systemic failures that have deprived critical sectors such as healthcare, education and infrastructure of adequate funding.
“It is deeply troubling that while revenues have significantly increased, a substantial portion never made it into the Federation Account,” he said. “This is not a mere oversight but suggests institutionalised corruption on a massive scale.”
Drawing historical parallels, Obi referenced the 1994 Okigbo Panel report, which uncovered $12.4 billion in unaccounted oil windfall funds, noting that the current situation appears even more alarming but has not triggered the same level of public outrage.
He warned that Nigeria risks remaining trapped in a cycle where rising revenues fail to translate into meaningful development outcomes, attributing this to unchecked deductions and weak accountability systems.
Obi called for urgent reforms, urging leaders to prioritise transparency and redirect public resources towards national development goals.
“Nigeria has no business being poor,” he added, stressing that disciplined and accountable leadership is key to reversing the trend and unlocking the country’s full potential.
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