Dare Babalola
A presidential aspirant on the platform of the opposition African Democratic Congress (ADC), Peter Obi, on Saturday said Nigeria is suffering deep internal strain due to what he described as entrenched, large-scale corruption.
In a post shared on his X (formerly Twitter) account, the former Anambra State governor expressed concern over recent World Bank findings.
He noted that although Nigeria’s Federation Revenue rose to N84 trillion within three years, about 41 per cent — equivalent to N34.44 trillion — was not remitted to the Federation Account.
According to him, the unaccounted sum surpasses the combined N34 trillion allocated for capital projects in the 2024 and 2025 Appropriation Acts, a comparison he said highlights the severity of the situation and suggests systemic failure.
“This is not a mere oversight; it points to institutionalised corruption on a massive scale,” Obi stated.
He further drew a historical parallel, recalling the outrage that followed the 1994 report of the Okigbo Panel, which revealed that $12.4 billion from the Gulf War oil windfall was unaccounted for.
“In 1994, Nigerians reacted with widespread anger to that revelation. Today, an even more alarming situation appears to be unfolding, yet it is being met with disturbing silence,” he said.
Obi warned that the country is caught in a paradox where increasing revenues have not translated into improved investment in critical sectors such as healthcare, education and infrastructure.
He added that, from 2025, systemic deductions have enabled certain agencies to retain more funds than some states and key ministries.
He argued that these financial leakages partly explain why nations with fewer resources continue to outperform Nigeria on key development indicators.
Questioning the country’s capacity to address persistent challenges, Obi asked how Nigeria could fix its power sector, strengthen its education system, or build a resilient healthcare framework under such conditions.
He called for urgent reforms to ensure that public resources are properly managed and redirected towards national development.
“Nigeria has no business being poor. We must block these leakages through disciplined and transparent leadership anchored on integrity,” he said.
“With a collective commitment to dismantling this corruption-ridden system, a new Nigeria is possible.”
