Former Labour Party presidential candidate in 2023, Peter Obi, has once again hit hard at the alleged high level of corruption in Nigeria’s public sector.
Reacting to revelations from the Nigerian Senate, Obi described the country as a “nation held hostage by monumental corruption.”
He made the statement on Friday in response to ongoing investigations into the Nigerian National Petroleum Company Limited’s (NNPC) financial records.
It will be recalled that on Wednesday, the Senate Committee on Public Accounts held an investigative session where it accused the NNPC of failing to justify massive discrepancies in its financial statements.
The committee, led by Senator Aliyu Wadada, questioned the company’s Chief Financial Officer, Adedapo Segun, over the absence of detailed documentation for legal and auditing fees. It also flagged contradictions in receivables amounting to an incredible ₦210 trillion between 2017 and 2023.
In his reaction, Obi said the findings were far beyond an ordinary scandal. He described them as a “criminalised and institutionalised betrayal of Nigerians.”
According to him, the level of mismanagement revealed by the Senate is greater than the total national budget for the same seven-year period.
Obi wrote, “The Senate uncovered ₦210 trillion in financial irregularities, ₦103 trillion in so-called ‘accrued expenses’, and ₦107 trillion in unaccounted ‘receivables’. No documentation. No accountability. No consequences.”
National Budget Cannot Match Missing Funds
Obi pointed out that the combined total of Nigeria’s annual budgets from 2017 to 2023 amounted to only ₦88.01 trillion. He listed the budget figures as follows: ₦7.44 trillion in 2017, ₦9.12 trillion in 2018, ₦8.91 trillion in 2019, ₦9.97 trillion in 2020 (revised from ₦10.59 trillion due to COVID), ₦13.59 trillion in 2021, ₦17.13 trillion in 2022, and ₦21.83 trillion in 2023.
He argued that the missing amount was more than double the country’s entire spending within those years. Obi stated, “Our total national budget within the said period was not up to 50% of the said financial discrepancies and irregularities.”
He then described the situation as a major threat to the nation’s future and said it shows a complete failure in accountability. “This criminality masquerading as governance must be stopped and dismantled for a better Nigeria,” he wrote.
The former Anambra State governor concluded that Nigeria cannot continue to operate under such conditions if it wants to progress.
He called for the rebuilding of institutions to restore public trust and create a country that works for everyone. “A new Nigeria is POssible,” he ended as usual on his verified 𝕏 handle post.
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