Former Anambra State governor and presidential candidate, Peter Obi, has expressed concern over what he described as a massive shortfall in Nigeria’s public revenue reporting, calling for urgent accountability in the management of national funds.
In a statement shared on his X handle on Saturday, Obi reacted to a recent World Bank report which indicated that Nigeria generated about ₦84 trillion in federation revenue over the past three years.
According to the report as cited by Obi, about 41 percent of that revenue—estimated at approximately ₦34.44 trillion—did not make it into the Federation Account. He described the figure as alarming, noting that it is even higher than the combined ₦34 trillion allocated for capital expenditure in the 2024 and 2025 national budgets.
Obi argued that the discrepancy highlights deeper structural issues in Nigeria’s public finance system, warning that such leakages continue to undermine investments in key sectors like healthcare, education, and infrastructure.
He described the situation as more than an administrative lapse, suggesting it reflects long-standing weaknesses in fiscal accountability and possible systemic corruption.
Recalling past financial controversies, he compared the development to the 1994 Okigbo Panel report, which investigated unaccounted Gulf War oil windfall funds, noting that public reaction then was significantly stronger than what he perceives today.
He further lamented what he called a contradiction in the country’s economic reality—rising national revenue alongside declining capacity to fund essential public services.
Obi urged stronger transparency measures and better oversight in revenue collection and allocation, stressing that public resources must be directed more effectively toward national development priorities.
READ ALSO:
- Onikate to Honour Lagos Businessman Rilwan Bamgbala with Okanlomo title
- Trump Threatens Higher Canada Tariffs Over Wildfire Smoke Choking US Cities
- Tinubu: FCT Better Off Under Wike 50 Years After Creation
- Plateau Violence: Youth Coalition Says 200 Killed in Five Months, Demands Stronger Security Response
- Nigeria, Ghana Agree to Push Afrophobia Onto AU Summit Agenda
