Former Anambra State governor and chieftain of the African Democratic Congress, Peter Obi, has raised concerns over what he described as significant revenue leakages in Nigeria’s public finance system, warning that the country is “bleeding from within” despite increased earnings.
In a statement shared on social media, Obi referenced recent findings by the World Bank, which indicate that Nigeria generated approximately ₦84 trillion in federal revenue over the past three years. However, he alleged that about 41 per cent of the amount estimated at ₦34.44 trillion was not remitted to the Federation Account.
He noted that the figure exceeds the combined ₦34 trillion allocated for capital expenditure in the 2024 and 2025 national budgets, describing the comparison as a stark illustration of the scale of the issue.
According to Obi, the development points to deeper structural challenges in public finance management, which he said have continued to deprive key sectors such as healthcare, education, and infrastructure of critical funding.
“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,” he said.
“This sum exceeds the combined ₦34 trillion earmarked for capital projects in the 2024 and 2025 Appropriation Bills. It underscores the gravity of the situation and signals that something is fundamentally wrong.”
The former presidential candidate described the situation as more than an administrative lapse, suggesting it reflects systemic weaknesses and possible large scale corruption within revenue management processes.
Drawing a historical comparison, Obi referenced the findings of the Okigbo Panel in 1994, which reported $12.4 billion in unaccounted oil windfall funds, noting that the current figures appear even more concerning.
“We are trapped in a paradox, earning more as a nation, yet having less to invest in healthcare, education, and infrastructure,” he said, adding that certain deductions and revenue practices have allowed some agencies to retain funds at levels exceeding allocations to states and key ministries.
Obi called for urgent reforms to improve transparency, accountability, and oversight in revenue collection and remittance, urging government authorities to prioritise efficient management of public resources.
He stressed that addressing the issue is critical to unlocking funding for national development and restoring public confidence in the country’s fiscal system.
