Former presidential candidate Peter Obi has raised alarm over what he described as massive revenue leakages, saying Nigeria is “bleeding from within” after trillions of naira failed to reach the Federation Account.
In a statement shared on X on Saturday, Obi cited data from the World Bank indicating that ₦34.44 trillion about 41 percent of total revenue was not remitted between 2023 and 2025.
According to him, although the country generated about ₦84 trillion within the period, a significant portion never made it into the Federation Account. He noted that the missing funds exceed the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 budgets.
Describing the situation as more than an oversight, Obi said it points to “institutionalised corruption on a massive scale.”
He compared the development to findings from the Okigbo Panel report, which uncovered $12.4 billion in unaccounted oil revenue.
He lamented that, unlike the outrage that followed the 1994 revelations, the current situation has been met with silence.
Obi further argued that despite rising national earnings, the country continues to struggle with funding critical sectors such as healthcare, education, and infrastructure.
He warned that systemic deductions and revenue capture by agencies are weakening the economy.
“Nigeria has no business being poor,” he said, calling for transparency, accountability, and disciplined leadership to curb leakages and redirect resources to national development.
He concluded with a call for collective action to reform the system, insisting that “a new Nigeria is possible.”
