Chieftain of the African Democratic Congress (ADC), Mr. Peter Obi has described as “deeply troubling,” recent World Bank reports that showed a staggering sum of ₦34.44 trillion out of total ₦84 trillion revenue that accrued to Nigeria in three years, is missing from the federation account.
Obi in a statement on X on Saturday, said this amount exceeded the ₦34 trillion earmarked for capital projects in the 2024 and 2025 Appropriation Bills.
According to him, this comparison “underscores the gravity of the situation and signals that something is fundamentally wrong.”
The former Labour Party presidential candidate, stated that this is not a mere oversight but institutionalised corruption on a massive scale.
He recalled that 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 disquieting silence,” he regretted.
Obi noted that Nigeria earns more as a nation but invests less in healthcare, education, and infrastructure.
He blamed the leakages in the nation’s revenue on the reason why countries with fewer resources are out-performing Nigeria in key development indices.
The former Anambra State governor wondered how Nigeria could fix her energy system, strengthen the schools, build resilient healthcare, or develop critical infrastructure, with such broken system.
“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,” Obi stated.
