Former presidential candidate of the Labour Party, Peter Obi, has sounded the alarm over what he described as massive revenue leakages in Nigeria, warning that the country is “bleeding internally” due to poor fiscal management.
In a statement shared on social media, Obi referenced estimates from the World Bank, which indicate that Nigeria generated about ₦84 trillion in revenue over the past three years. However, he claimed that approximately 41 percent of that amount about ₦34.44 trillion was never remitted into the Federation Account.
He argued that the unaccounted funds are larger than the combined capital expenditure budgets of 2024 and 2025, which total about ₦34 trillion, describing the situation as a major setback for national development.
“It is deeply troubling that while revenues have significantly increased, a substantial portion never made it into the Federation Account,” Obi said, adding that the development points to systemic weaknesses and possible large-scale corruption.
The former Anambra State governor warned that key sectors such as healthcare, education, and infrastructure are being deprived of critical funding due to these leakages.
Drawing comparisons with the findings of the 1994 Okigbo Panel, which uncovered billions of dollars in unaccounted oil revenue, Obi said the current situation appears even more severe but has not generated the level of concern it deserves.
He further noted that Nigeria risks remaining trapped in a cycle where increased earnings fail to translate into improved living conditions for citizens, blaming weak accountability mechanisms and unchecked financial practices.
Obi called for urgent reforms to strengthen transparency and ensure that public funds are properly managed and directed toward national priorities.
“Nigeria has no business being poor,” he said, urging leaders to adopt disciplined and accountable governance to unlock the country’s economic potential.