₦34 trillion missing: Peter Obi raises alarm over massive revenue leak in Nigeria

Politics

ABUJA, Nigeria — 18 April 2026 (NPA) — African Democratic Congress (ADC) presidential aspirant, Mr. Peter Obi, has raised concerns over a recent World Bank report indicating that, while Nigeria’s federation revenue surged to ₦84 trillion within three years, a staggering 41%—amounting to ₦34.44 trillion—was not remitted to the Federation Account.

In a statement issued on Saturday titled “Nigeria Is Bleeding From Within,” Obi noted that the missing sum exceeds the combined ₦34 trillion allocated to capital projects in the 2024 and 2025 Appropriation Acts. He said the comparison underscores the gravity of the situation and suggests deep systemic failure.

The former Anambra State governor described the development not as an oversight, but as evidence of institutionalised corruption on a massive scale.

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Recalling the 1994 Okigbo Panel report, which revealed that $12.4 billion from the Gulf War oil windfall was unaccounted for, Obi said Nigerians reacted with widespread outrage at the time. “Today, an even more troubling situation appears to be unfolding, yet it is met with disquieting silence,” he stated.

He described the situation as a “lethal paradox” in which the nation earns more revenue but has less to invest in critical sectors such as healthcare, education, and infrastructure. Since 2025, he noted, systemic deductions have enabled agencies to retain more resources than entire states and key ministries.

Obi said the persistent leakages help explain why countries with fewer resources continue to outperform Nigeria across major development indices. He questioned how meaningful progress can be made in power, education, healthcare, and infrastructure under such conditions.

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

The statement concluded: “With our collective resolve to change this corruption-infested system, a New Nigeria is possible.” —PO