Obi Raises Alarm Over N34tn Revenue Leakages in Nigeria

Former presidential candidate and Labour Party member Peter Obi raised alarms regarding a staggering N34 trillion in revenue deductions from Nigeria's federal account over a three-year period. In a statement on Saturday, Obi referenced World Bank findings indicating that while Nigeria's federal revenue rose to N84 trillion, only N34.44 trillion reached the federal account, marking a significant 41 percent leakage.

He emphasized that this situation is indicative of systemic corruption rather than mere oversight, noting that the deductions have sharply increased, with N6.22 trillion in 2023, N13.38 trillion in 2024, and N14.93 trillion in 2025. Obi pointed out that these deductions erode funds available for government allocation and link to broader issues in public finance, including inadequate investment in healthcare, education, and infrastructure.

He called for urgent reforms to address these leaks and redirect resources to the populace, drawing historical parallels to the 1994 Okigbo panel report on unaccounted oil windfalls.