Peter Obi, the 2023 Labour Party Presidential Candidate has decried a situation where Nigeria’s federation revenues have surged dramatically in recent years, but a shocking portion of that money is allegedly vanishing before it can be used to support public services, infrastructure, or development.
His position was made known on Saturday in a strongly worded statement posted on his official Facebook page. The former Anambra State governor and chieftain of the African Democratic Congress (ADC) declared: “Nigeria Is Bleeding From Within.”
Obi drew attention to recent findings from the World Bank’s Nigeria Development Update, which reveal that Nigeria’s gross federation revenue reached approximately ₦84 trillion between 2023 and 2025. Yet, a staggering 41% — roughly ₦34.44 trillion to ₦34.53 trillion — was siphoned off through pre-distribution “deductions” or first-line charges before funds could reach the Federation Account for sharing among the federal, state, and local governments.
These deductions, which ballooned from ₦6.22 trillion in 2023 to nearly ₦15 trillion in 2025, exceed the combined ₦34 trillion earmarked for capital projects in the 2024 and 2025 national Appropriation Bills.
Obi described this as evidence of “institutionalised corruption on a massive scale,” arguing that the country now earns more but has far less available for critical investments in healthcare, education, and infrastructure.
He compared the situation to the 1994 Okigbo Panel report, which exposed how about $12.4 billion in Gulf War-era oil windfall revenue went unaccounted for through special “dedicated accounts.” That revelation sparked national outrage at the time. Today, Obi noted with concern, a potentially even larger leakage is unfolding amid “disquieting silence.”
The result, he said, is a painful paradox: Nigeria — a resource-rich nation — continues to lag behind countries with far fewer assets on key development indicators. “With such a broken system, how can we fix power, strengthen our schools, build resilient healthcare, or develop critical infrastructure?” he asked.
Obi, who governed Anambra State from 2006 to 2014 and was the Labour Party’s presidential candidate in the 2023 election before aligning with the ADC in late 2025, stressed that Nigeria “has no business being poor.” He called for disciplined, transparent leadership rooted in character to plug the leakages, redirect resources to the people, and position the country among developed nations.
“A New Nigeria is Possible,” he concluded, urging collective resolve to overhaul the “corruption-infested system.”
Obi’s intervention comes as Nigeria grapples with ongoing economic reforms — including the removal of petrol subsidies and foreign exchange unification — that have boosted gross revenues but also intensified scrutiny over how public funds are managed and spent. The World Bank has flagged these “hidden spending systems” as a major concern, even as the federal government pushes forward with ambitious budgets, including the recently signed ₦68.32 trillion 2026 Appropriation Bill that allocates a significant portion to capital expenditure.
Critics like Obi argue that without addressing systemic leakages and ensuring accountability, increased revenue generation will continue to deliver limited tangible benefits to ordinary Nigerians facing high inflation, infrastructure deficits, and service delivery challenges.
The full post reads:
Nigeria Is Bleeding From Within
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.
- PO
