Labour Party’s 2023 presidential candidate, Peter Obi, has raised alarm over what he described as massive revenue leakages in Nigeria, citing recent World Bank findings that a significant portion of the country’s earnings failed to reach the Federation Account.
In a statement posted on his official X handle on Saturday, Obi expressed concern that although Nigeria’s Federation revenue rose to ₦84 trillion within three years, about 41 per cent, amounting to ₦34.44 trillion was not remitted to the Federation Account.
He noted that the missing sum exceeds the combined ₦34 trillion allocated for capital expenditure in the 2024 and 2025 Appropriation Acts, describing the comparison as a stark indication of deep-rooted systemic issues.
“This is not a mere oversight; it points to institutionalised corruption on a massive scale,” Obi said.
The ADC chieftain drew parallels with past financial controversies, recalling the 1994 report of the Okigbo Panel, which uncovered $12.4 billion in unaccounted Gulf War oil windfall. He said the revelation at the time sparked nationwide outrage, contrasting it with what he described as the current muted response to a more severe situation.
Obi further lamented that Nigeria is caught in what he termed a “lethal paradox” of increasing revenue with declining investment in critical sectors such as healthcare, education and infrastructure.
According to him, since 2025, systemic deductions by government agencies have enabled them to retain more funds than are allocated to some states and key ministries, thereby weakening national development efforts.
“These leakages explain why countries with fewer resources are outperforming Nigeria across key development indices,” he stated, questioning how the country could address challenges in power supply, education, healthcare and infrastructure under such conditions.
The former Anambra governor stressed that Nigeria “has no business being poor” given its resource base, urging for disciplined and transparent leadership to plug revenue leakages and ensure funds are redirected toward national development.
“It is time to redirect our hijacked resources back to the people and move Nigeria into the league of developed nations,” he added.
Obi concluded by calling for collective action to reform the system, expressing optimism that meaningful change is possible. “With our collective resolve to change this corruption-infested system, a new Nigeria is possible,” he said.
