Nigeria is losing trillions of naira in federal revenue before it reaches the Federation Account, according to Peter Obi, presidential candidate of the Labour Party in the 2023 election and former governor of Anambra State. In a post on his X handle, Obi cited World Bank reports showing that between 2021 and 2024, Nigeria's Federation Revenue reached N84 trillion, but 41% — N34.44 trillion — did not make it into the Federation Account. He noted this amount exceeds the N34 trillion allocated for capital projects in the 2024 and 2025 Appropriation Bills combined. Obi described the situation as "deeply troubling" and pointed to "institutionalised corruption on a massive scale." He referenced the 1994 Okigbo Panel report, which revealed $12.4 billion from the Gulf War oil windfall went unaccounted for, sparking national outrage. Today, he said, an even larger financial loss is occurring, yet it is met with silence. Obi highlighted a growing paradox: Nigeria earns more revenue but has less to spend on healthcare, education, and infrastructure. He attributed this to systemic deductions that allow agencies to retain more funds than entire states or key ministries. According to Obi, such leakages explain why nations with fewer resources outperform Nigeria on development indices. He questioned how Nigeria can improve power supply, schools, healthcare, or infrastructure under this broken system. Obi insisted Nigeria has no business being poor and called for disciplined, transparent leadership driven by character to redirect hijacked resources to the people. He said a new Nigeria is possible with collective resolve to end the corruption-infested system.
Peter Obi highlights that N34.44 trillion in federal revenue failed to reach the Federation Account between 2021 and 2024, yet he offers no explanation for how this occurred under administrations his party supported. The same capital projects he says were underfunded — totalling N34 trillion for 2024 and 2025 — were approved during periods when his political allies held executive and legislative influence. If N34.44 trillion vanished without accountability, the implication for Nigerian citizens is that no governing coalition, including those Obi aligns with, has demonstrated the will or capacity to stop the leak. The silence he criticises may be less about national apathy and more about complicity across political factions.
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