Peter Obi, a former presidential candidate, has bemoaned Nigeria’s internal bleeding amid rising incomes.
In response to a World Bank research stating that Nigeria earned almost ₦84 trillion in federation revenue over the previous three years, he made the assertion via his 𝕏 account on Saturday.
Obi bemoaned the nation’s widespread revenue loss, nevertheless.
He claimed that the Federation Account did not get 41% of the total, or roughly ₦34.44 trillion.
He pointed out that the amount surpasses the ₦34 trillion allotted for capital projects in the 2024 and 2025 Appropriations Bills, characterizing the contrast as an indication of the magnitude of the problem.
He claims that the development points to structural issues with public financial management that have persisted in denying necessary funds to vital sectors like infrastructure, healthcare, and education.
The former presidential contender urged officials to reroute public funds to national development priorities and demanded more responsibility and transparency in revenue management.
“It is extremely concerning to read recent World Bank reports showing that, although Nigeria’s Federation Revenue increased to ₦84 trillion in just three years, a startling 41%, or ₦34.44 trillion, never reached the Federation Account,” he stated.
This amount surpasses the ₦34 trillion allotted for capital projects in the 2024 and 2025 Appropriations Bills, a contrast that highlights the seriousness of the situation and indicates that something is seriously amiss.
This is not just an oversight; it indicates widespread institutionalized corruption. Nigerians were incensed and the country trembled in 1994 when the Okigbo Panel revealed that around $12.4 billion from the Gulf War oil bonanza was missing.
“An even more serious scenario seems to be developing today, yet it is greeted by an unsettling silence.
“We are caught in a deadly paradox: we are making more money as a country, but we have less money to spend on infrastructure, healthcare, and education. Agencies have been able to obtain more resources than entire states and even vital ministries since 2025 thanks to systemic “deductions.”
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