Former Labour Party presidential candidate, Peter Obi, has raised serious concerns over what he described as massive financial leakages in Nigeria, warning that the country is “bleeding from within” despite rising revenues.
In a statement shared on his official X handle on Saturday, Obi cited recent World Bank Report indicating that Nigeria recorded a surge in federation revenue to ₦84 trillion within three years, yet, a significant portion of the funds never made it into the Federation Account.
“It is deeply troubling to read recent World Bank report 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,” Obi said.
He stressed that the missing amount exceeds the combined ₦34 trillion earmarked for capital projects in the 2024 and 2025 Appropriation Bills, describing the development as alarming.
“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,” he added.
Obi argued that the issue goes beyond administrative lapses, warning that it reflects deeper structural problems within the system.
“This is not a mere oversight; it points to institutionalised corruption on a massive scale,” he stated.
Drawing historical parallels, Obi referenced the controversy surrounding the missing Gulf War oil windfall in 1994, which generated national outrage at the time.
“In 1994, when the Okigbo Panel reported about $12.4 billion from the Gulf War oil windfall as unaccounted for, Nigerians were outraged and the nation shook with indignation.
“Today, an even more troubling situation appears to be unfolding, yet it is met with a disquietening silence,” he said.
According to Obi, the country now faces a paradox of increased earnings but declining investment in critical sectors.
“We are trapped in a lethal paradox: Earning more as a nation, yet having less to invest in healthcare, education, and infrastructure.
“From 2025, systemic ‘deductions’ have allowed agencies to capture more resources than entire states and even critical ministries,” he noted.
The former Anambra State governor further explained that the financial leakages are responsible for Nigeria’s poor development outcomes compared to countries with fewer resources.
“These leakages explain why countries with fewer resources are out-performing us across key development indices.
“With such a broken system, how can we fix power, strengthen our schools, build resilient healthcare, or develop critical infrastructure?” Obi queried.
He insisted that Nigeria’s economic challenges are not due to lack of resources but poor leadership and accountability.
“Nigeria has no business being poor. We must stop these leakages through disciplined, transparent leadership driven by character.
“It is time to redirect our hijacked resources back to the people and move Nigeria into the league of developed nations,” he stated.
Obi concluded by calling for collective action to address corruption and rebuild the country.
“With our collective resolve to change this corruption-infested system, a New Nigeria is POssible.”
