'Nigeria Is Bleeding From Within’ — Peter Obi Decries Staggering ₦34 Trillion Revenue Leakage and Institutionalised Corruption

In a stern reaction to recent World Bank reports, Peter Obi has raised the alarm over ₦34.44 trillion in federation revenue that allegedly failed to reach the national account over the last three years. Obi compares this to the 1994 Okigbo Panel report, warning that the current "lethal paradox" of earning more but having less for healthcare and education is strangling the nation’s future.

Mr. Peter Obi 

'It is deeply troubling to read recent World Bank reports indicating that, while Nigeria’s Federation Revenue surged to ₦84 trillion in just three years, a staggering 41% —amounting to ₦34.44 trillion —never reached 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.

This is not a mere oversight; it points to institutionalised corruption on a massive scale. 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.

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.

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?

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.

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

H.E Mr. Peter Obi 

2023 Labour Party Presidential Candidate