Obi Warns of ₦34.4tr Revenue Leakage in Nigeria

Peter Obi, a presidential aspirant from the African Democratic Congress (ADC), has expressed alarm over a significant revenue leakage in Nigeria amounting to ₦34.4 trillion. His concerns stem from a recent World Bank report indicating that Nigeria generated ₦84 trillion in federal revenue over the past three years, yet 41% of this amount, equating to ₦34.4 trillion, was not remitted to the federal account.

Obi highlighted that this unremitted sum exceeds the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 appropriation bills. He described the situation as indicative of severe problems within public finance management, which continues to deprive essential sectors such as healthcare, education, and infrastructure of necessary funding.

Obi called for stronger transparency and accountability in revenue administration and urged leaders to ensure public funds are directed towards national development priorities. He noted that the current situation reflects a deep-rooted challenge, reminiscent of the institutional corruption highlighted by the Okigbo panel report in 1994.