“Nigeria’s Silent Drain: Peter Obi Exposes N34.44tn Revenue Crisis”
Mr. Peter Obi of the African Democratic Congress, ADC, has voiced apprehension regarding what he termed gigantic revenue leakages in Nigeria, cautioning that the country is “bleeding internally” despite increasing earnings.
In a declaration posted on X on Saturday, Obi referenced recent findings by the World Bank revealing that Nigeria accumulated approximately ₦84 trillion in federation revenue over the last three years.
He, nonetheless, claimed that 41 percent of this amount, roughly ₦34.44 trillion, was not deposited into the Federation Account.
He emphasized that this figure surpasses the combined ₦34 trillion designated for capital projects in the 2024 and 2025 Appropriation Bills, describing the comparison as a testament to the magnitude of the problem.
According to him, this situation indicates fundamental issues in public finance management, which he argued have continually deprived essential sectors such as healthcare, education, and infrastructure of necessary funding.
The former presidential contender advocated for enhanced transparency and accountability in revenue management, urging leaders to redirect public resources towards national development priorities.
“It is profoundly concerning to peruse recent World Bank reports suggesting that, while Nigeria’s Federation Revenue soared to ₦84 trillion within merely three years, an astonishing 41%, equating to ₦34.44 trillion, never reached the Federation Account.
“This amount surpasses the combined ₦34 trillion allocated for capital initiatives in the 2024 and 2025 Appropriation Bills, a comparison that highlights the seriousness of the matter and indicates that something is fundamentally amiss.
“This is not simply an oversight; it points to entrenched corruption on a grand 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 trembled with indignation.
“Today, an even more alarming situation seems to be unfolding, yet it is met with a disquieting silence.
“We find ourselves ensnared in a deadly paradox: earning more as a nation but having less to invest in healthcare, education, and infrastructure. Starting from 2025, systemic “deductions” have enabled agencies to seize more resources than entire states and even vital ministries,” part of Obi’s statement expressed.
