Former presidential candidate of the Labour Party, Peter Obi, has raised concerns over what he described as massive revenue leakages in Nigeria’s public finance system, warning that the country is “bleeding from within.”
In a post on his official X handle, Obi cited recent World Bank figures suggesting that while Nigeria’s federation revenue rose to ₦84 trillion over the past three years, about 41 per cent—estimated at ₦34.44 trillion—did not reach the Federation Account.
He compared the figure to the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 national budgets, describing the discrepancy as alarming and indicative of deep systemic failure.
Obi argued that the situation reflects entrenched corruption rather than administrative oversight, drawing parallels with the 1994 Okigbo Panel report on the unaccounted $12.4 billion Gulf War oil windfall, which also sparked national outrage at the time.
He warned that Nigeria now faces a “lethal paradox” of increasing earnings but declining capacity to fund critical sectors such as healthcare, education, and infrastructure.
According to him, deductions and institutional leakages have enabled some agencies to control resources exceeding those allocated to entire states and key ministries.
Obi said these financial inefficiencies explain Nigeria’s poor performance compared to other countries with fewer resources, stressing that urgent reforms are needed to restore accountability.
He called for disciplined and transparent leadership, insisting that Nigeria must plug revenue leakages and redirect public funds towards national development.
“Nigeria has no business being poor,” he stated, adding that a reformed system could reposition the country toward sustainable growth and development.
Obi Raises Alarm Over Alleged Revenue Leakages, Says Nigeria “Bleeding From Within”
