Peter Obi Condemns ‘Institutionalised Corruption’ as Nigeria Loses ₦34.44 Trillion in Revenue

Former presidential candidate Peter Obi has accused Nigeria’s political and economic system of “institutionalised corruption on a massive scale” after a World Bank report revealed that ₦34.44 trillion – 41 per cent of the country’s Federation Revenue over the past three years – never reached the Federation Account.

In a strongly worded post on X (formerly Twitter), Mr Obi said Nigeria’s Federation Revenue had surged to ₦84 trillion in just three years, yet the missing sum was greater than 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,” he wrote.

He drew a direct parallel with the 1994 Okigbo Panel, which reported $12.4 billion from the Gulf War oil windfall as unaccounted for – a revelation that provoked national outrage at the time. Mr Obi contrasted that reaction with the “disquieting silence” that has greeted the current revelations.

The Labour Party leader described a “lethal paradox”: a nation earning more than ever before, yet left with less to spend on healthcare, education and infrastructure. He highlighted systemic “deductions” introduced from 2025 that have allowed certain agencies to siphon off more resources than entire states or critical ministries.

“These leakages explain why countries with fewer resources are out-performing us across key development indices,” he said. “With such a broken system, how can we fix power, strengthen our schools, build resilient healthcare, or develop critical infrastructure?”

Mr Obi insisted that “Nigeria has no business being poor”. He called for “disciplined, transparent leadership driven by character” to plug the leakages, redirect “hijacked resources” back to the people, and place the country among the league of developed nations.

He ended with a message of hope: “With our collective resolve to change this corruption-infested system, a New Nigeria is Possible.”

Peter Obi, who contested the 2023 presidential election as the Labour Party candidate, remains one of Nigeria’s most prominent opposition voices on governance and economic reform.