By Ejire Folakunmi
In a strong critique of Nigeria’s fiscal management, Peter Obi has raised an alarm over massive revenue leakages, citing recent World Bank reports that reveal a significant portion of the nation’s wealth is failing to reach the Federation Account.
According to Obi, while Nigeria’s Federation Revenue surged to ₦84 trillion over a three-year period, approximately 41% (₦34.44 trillion) was diverted or “captured” by agencies through systemic deductions.
He pointed out that this missing sum exceeds the combined ₦34 trillion earmarked for capital projects in the 2024 and 2025 Appropriation Bills.
Obi compared the current situation to the 1994 Okigbo Panel report, which caused national indignation over an unaccounted $12.4 billion oil windfall. He expressed concern that today’s even larger discrepancies are being met with “disquietening silence” despite their impact on essential services.
“We are trapped in a lethal paradox: earning more as a nation, yet having less to invest in healthcare, education, and infrastructure,” Obi stated.
He argued that these leakages explain why countries with fewer resources are outperforming Nigeria across key development indices.
Reiterating that “Nigeria has no business being poor,” the former presidential candidate called for disciplined, transparent leadership to stop institutionalized corruption and redirect hijacked resources back to the people.
He concluded that with collective resolve to fix the system, “a New Nigeria is POssible.”