The former Governor of Anambra State, Peter Obi, has expressed concern over the alleged ₦34.44 trillion in revenue leakage from Nigeria’s federation revenue, describing it as institutionalised corruption.
Obi cited a recent report by the World Bank, which indicates that Nigeria’s federation revenue rose to ₦84 trillion over three years, but about 41% of it, 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,” he said.
Obi lamented that an even more troubling situation appears to be currently unfolding, yet it is met with disquieting silence.
He noted that Nigeria is trapped in a paradox — earning more as a nation, yet having less to invest in healthcare, education, and infrastructure.
Obi disclosed that since 2025, systemic “deductions” have allowed agencies to capture more resources than entire states and even critical ministries, stressing that these leakages explain why countries with fewer resources are outperforming Nigeria 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, adding that Nigeria has no business being poor.
Obi emphasised that the country must stop these leakages through disciplined, transparent leadership driven by character, and that it is time to redirect hijacked resources back to the people and move Nigeria into the league of developed nations.
He further argued that with the collective resolve of all Nigerians, the corruption-infested system can be changed.
