Nigeria Revenue Leakages: Peter Obi Raises Alarm Over Missing ₦34.44 Trillion in Federation Earnings
Concerns over Nigeria’s fiscal transparency have resurfaced following fresh claims of significant revenue leakages, with former presidential candidate Peter Obi warning that the country is effectively “bleeding from within” despite increased earnings.
In a statement shared via X on Saturday, Obi referenced recent figures from the World Bank indicating that Nigeria generated approximately ₦84 trillion in federation revenue within the last three years. However, he alleged that a substantial 41 percent of this figure, estimated at ₦34.44 trillion, was not remitted into the Federation Account.
The former Anambra State governor noted that the unremitted sum surpasses the combined ₦34 trillion allocated for capital expenditure in both the 2024 and 2025 Appropriation Bills. He described the comparison as a stark indicator of the scale and seriousness of the issue.
Obi further explained that the development points to deep-rooted inefficiencies in Nigeria’s public finance management system, adding that critical sectors such as healthcare, education, and infrastructure continue to suffer from underfunding as a result.
He called for urgent reforms anchored on transparency and accountability, urging those in leadership to prioritise the proper management and allocation of public resources toward national development goals.
“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.
“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.
“This is not a mere oversight; it points to institutionalised corruption on a massive scale. 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.
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“Today, an even more troubling situation appears to be unfolding, yet it is met with a disquietening silence.
“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,” Obi stated.
