The Federal Government has dismissed allegations that it spent over ₦8 trillion outside the 2026 budget, insisting the claims stem from a misinterpretation of the International Monetary Fund’s (IMF) Article IV Consultation Report.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, clarified in a statement on Sunday that suggestions of unreported expenditure amounting to two per cent of Nigeria’s GDP were inaccurate and misleading.
The IMF had noted discrepancies in Nigeria’s fiscal reporting, with its Resident Representative, Christian Ebeke, stating that about two per cent of GDP in spending was not captured in official budgets.
Opposition figures, including Atiku Abubakar and Peter Obi, seized on the report to accuse President Bola Tinubu’s administration of corruption and demanded investigations.
Oyedele, however, stressed that the government does not operate a “shadow budget” and that all spending is carried out under constitutional and statutory frameworks.
He explained that appropriations, supplementary budgets, statutory transfers, debt servicing, and approved interventions are lawful components of Nigeria’s public finance system.
“It is inaccurate to suggest that trillions of naira have been secretly spent outside legislative approval,” Oyedele said, adding that multi-year capital projects and approved rollovers should not be misconstrued as off-budget spending.
He further noted that the IMF’s observations were aimed at improving fiscal reporting practices, not questioning the legality of government expenditure.
President Tinubu, he added, had already urged the National Assembly to harmonise Nigeria’s budget framework to eliminate overlaps.
The minister reaffirmed the government’s commitment to transparency, accountability, and prudent fiscal management, highlighting reforms in revenue administration, treasury oversight, and digitalisation of financial processes.
Oyedele cautioned that misrepresenting technical observations as evidence of unlawful spending undermines public discourse, urging Nigerians to rely on accurate facts when debating fiscal governance.
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