Obi raises alarm over ‘missing’ ₦34.4tn, cites World Bank report

A former Labour Party presidential candidate, Peter Obi, has expressed concern over what he described as massive revenue leakages in Nigeria’s public finance system, citing recent findings attributed to the World Bank.

In a statement shared on Saturday, Mr Obi said it was “deeply troubling” that although Nigeria’s federation revenue reportedly rose to ₦84 trillion within three years, about 41 per cent — equivalent to ₦34.44 trillion — did not reach the Federation Account.

“This sum exceeds the combined ₦34 trillion earmarked for capital projects in the 2024 and 2025 Appropriation Bills, a comparison that underscores the gravity of the situation and signals that something is fundamentally wrong,” he said.

The former Anambra State governor described the situation as more than administrative lapses, alleging systemic weaknesses in revenue management.

“This is not a mere oversight; it points to institutionalised corruption on a massive scale,” he added.

Mr Obi drew a historical parallel to the controversy surrounding the alleged disappearance of a $12.4 billion oil windfall during the military era, citing the findings of the Okigbo Panel.

“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 shook with indignation. Today, an even more troubling situation appears to be unfolding, yet it is met with a disquietening silence,” he said.

Nigeria operates a Federation Account into which revenues from oil, taxes and other sources are paid and shared among the federal, state and local governments, in line with constitutional provisions. Concerns over revenue remittances and deductions by government agencies have persisted over the years, with experts often calling for greater transparency and accountability.

Mr Obi said the reported leakages reflect a “lethal paradox” in which the country earns more revenue but struggles to translate it into improved public services.

“We are trapped in a lethal paradox: Earning more as a nation, yet having less to invest in healthcare, education, and infrastructure. From 2025, systemic ‘deductions’ have allowed agencies to capture more resources than entire states and even critical ministries,” he said.

He argued that such inefficiencies contribute to Nigeria’s weak performance on key development indicators compared to countries with fewer natural and financial resources.

“These leakages explain why countries with fewer resources are out-performing us across key development indices. With such a broken system, how can we fix power, strengthen our schools, build resilient healthcare, or develop critical infrastructure?” he asked.

The former governor maintained that Nigeria has the capacity to achieve stronger economic outcomes if public resources are properly managed.

“Nigeria has no business being poor. We must stop these leakages through disciplined, transparent leadership driven by character. It is time to redirect our hijacked resources back to the people and move Nigeria into the league of developed nations,” he said.

Mr Obi concluded by calling for collective action to reform governance and curb corruption.

“With our collective resolve to change this corruption-infested system, a New Nigeria is POssible.”