N34.44 Trillion Revenue Stolen By Insiders, Says Peter Obi
A presidential hopeful in the African Democratic Congress, ADC, and former governor of Anambra State, Peter Obi, says that N34.44 Trillion revenue is missing, noting that the humongous amount was stolen by Insiders in government.
A presidential hopeful in the African Democratic Congress, ADC, and former governor of Anambra State, Peter Obi, says that N34.44 Trillion revenue is missing, noting that the humongous amount was stolen by Insiders in government.
According to Obi, Nigeria is "bleeding from within," inspite rising or increased earnings.
He spoke in a statement shared on X on Saturday, citing reports by the World Bank indicating that Nigeria generated about ₦84 trillion in federation revenue within the past three years.
The presidential candidate of the Labour Party, LP, in 2023, noted that 41 percent of the N84 trillion generated or approximately ₦34.44 trillion was not remitted to the Federation Account, pointing out that the missing money exceeded the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 Appropriation Bills, suggesting
According to Obi, Nigeria is "bleeding from within," inspite rising or increased earnings.
He spoke in a statement shared on X on Saturday, citing reports by the World Bank indicating that Nigeria generated about ₦84 trillion in federation revenue within the past three years.
The presidential candidate of the Labour Party, LP, in 2023, noted that 41 percent of the N84 trillion generated or approximately ₦34.44 trillion was not remitted to the Federation Account, pointing out that the missing money exceeded the combined ₦34 trillion allocated for capital projects in the 2024 and 2025 Appropriation Bills, suggesting
systemic problems in public finance management, which he said have continued to deprive critical sectors such as healthcare, education and infrastructure of needed funding.
Lamenting the gravity of the situation, Obi called for greater transparency and accountability in revenue management, urging leaders to redirect public resources towards national development priorities.
His words, “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.
Lamenting the gravity of the situation, Obi called for greater transparency and accountability in revenue management, urging leaders to redirect public resources towards national development priorities.
His words, “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.”
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