By Onoja Baba, Nigeria
The 2023 Labour Party presidential candidate and former Anambra State Governor, Mr. Peter Obi, has expressed deep concern over what he described as massive institutionalised corruption, citing a recent World Bank report that revealed huge leakages in Nigeria’s federation revenue.
In a statement posted on Saturday, Obi noted that while Nigeria’s Federation Revenue surged to ₦84 trillion over the past three years, a staggering 41 per cent, amounting to about ₦34.44 trillion, never reached the Federation Account for distribution to the three tiers of government.
He pointed out that this lost sum exceeds the combined ₦34 trillion earmarked for capital projects in the 2024 and 2025 Appropriation Bills.
“This is not a mere oversight; it points to institutionalised corruption on a massive scale,” Obi said.
He drew a parallel with the 1994 Okigbo Panel report on the unaccounted $12.4 billion Gulf War oil windfall, which sparked national outrage, contrasting it with the current “disquieting silence” surrounding even larger leakages.
The former governor highlighted the paradox of a nation earning more revenue yet having less to invest in critical sectors such as healthcare, education, and infrastructure.
He observed that from 2025, systemic “deductions” have enabled certain agencies to capture more resources than entire states and key ministries, explaining why countries with fewer resources continue to outperform Nigeria on key development indices.
Obi stressed that Nigeria has no business being poor and called for disciplined, transparent leadership driven by character to stop the leakages and redirect hijacked resources back to the people.
“With our collective resolve to change this corruption-infested system, a New Nigeria is Possible,” he concluded.
The World Bank’s Nigeria Development Update had earlier flagged concerns over pre-distribution deductions, often referred to as “first-line charges,” which significantly reduced funds available for sharing among federal, state, and local governments.
Obi’s statement has sparked renewed debate on fiscal transparency and gov
ernance in the country.
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