‎* Obi slams Tinubu, accuses administration of ‘grand corruption’

‎* Atiku urges NASS, AGF, anti-graft agencies to probe IMF’s claim

‎* FG refutes spending over N8trn outside approved budget

‎By Tony Obiechina, Teddy Nwanunobi, and Ahmed Akanbi

‎Following disclosure by the International Monetary Fund (IMF) that the Federal Government (FG) failed to capture public expenditure equivalent to about two per cent of Nigeria’s Gross Domestic Product (GDP) in recent national budgets, the duo of the former Vice President, Alhaji Atiku Abubakar, and the presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, have called for probe of the report.

‎IMF’s Resident Representative in Nigeria, Christian Ebeke, who made the disclosure during a meeting with business executives in Lagos State, said that the spending created a mismatch between the country’s reported fiscal deficit and its actual financing needs.

‎Ebeke was reported to have said that the unreported expenditure, linked partly to major government projects executed outside the formal budget framework, made Nigeria’s fiscal deficit appear lower than its actual financing needs, and raised concerns over fiscal transparency.

‎Reacting to the report, Atiku called on the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the National Assembly, and the Auditor-General of the Federation to investigate the alleged off-budget spending.

‎Similarly, the African Democratic Congress (ADC) presidential candidate said that the two per cent of GDP translates to about N8.8 trillion, describing it as public funds allegedly spent without legislative approval, audit or public accountability.

‎In a statement, Atiku said with Nigeria’s economy currently valued at approximately N441.5 trillion, the 2 percent discrepancy translates to N8.8 trillion in public funds spent without legislative approval, audit, or public accountability.

‎He alleged that the Bola Tinubu administration is replicating the ‘Lagos playbook’ at the national level.

‎“The IMF’s latest Article IV consultation, articulated by its resident representative in Nigeria, Christian Ebeke, confirmed that this staggering discrepancy arises from large-scale government projects executed entirely off-budget.

‎“Let us be absolutely clear about what this means: The Tinubu administration is awarding multi-trillion naira contracts, moving massive public capital, and commissioning infrastructure projects entirely beyond the reach of the Auditor-General, the nation’s procurement laws, and the legitimate oversight of the National Assembly. It is a parallel fiscal universe, one governed by an executive whim,” Atiku said.

‎Atiku alleged that N800 billion had been deducted from the statutory allocations of state governments under the aegis of the Progressives Governors Forum (PGF).

‎He claimed that the combined sum of the N800 billion deduction and the N8.8 trillion unrecorded expenditure is being assembled as a “political war chest ahead of the 2027 general elections”.

‎“When a government operates a secret treasury of this scale at precisely the moment it needs to purchase electoral outcomes, the conclusion is not difficult to reach,” he said.

‎Atiku argued that while the administration has subjected Nigerians to unprecedented economic austerity through the unmapped removal of petrol subsidy and serial devaluation of the naira, it maintained access to a massive shadow treasury.

‎“The IMF has now exposed that narrative as a big fat lie. While the poor were told to bleed, the government maintained access to a N8.8 trillion shadow treasury,” he added.

‎Atiku called on the National Assembly to immediately convene emergency investigative hearings into the IMF’s findings, describing the situation as a “constitutional emergency”.

‎He demanded that the Auditor-General of the Federation (AGF) conduct an independent audit of all off-budget expenditures.

‎In his reaction, Obi accused the Tinubu administration of “grand corruption,” saying the unbudgeted spending took place outside legislative oversight and administrative scrutiny.

‎Obi, who made the allegation on Sunday in a statement on his X, formerly Twitter, account, cited the IMF consultation report, and said the amount was undertaken in 2025 without appropriation.

‎“The IMF now reveals that about N8.83 trillion in expenditure undertaken in 2025 is not reflected in the budget. This expenditure is not budgeted and is therefore not under legislative oversight or administrative scrutiny. This is horrible.

‎“The recent report from the IMF consultation further raises concerns about the scale of grand corruption under the Tinubu government,” he said.

‎Obi stated that the N8.83 trillion represents about 2 per cent of Nigeria’s GDP and over 35 per cent of the N23.96 trillion capital expenditure budget for 2025.

‎He added that the figure exceeds the combined allocations to education and health in the 2025 budget, arguing that the funds could have been deployed to improve public services, create jobs, and drive economic growth.

‎The former Anambra State Governor said the development reflects a pattern of financial mismanagement and a failure to uphold basic principles of public financial management.

‎He warned that such practices could destabilize the country and worsen poverty, describing the administration as “grossly corrupt, incompetent and insensitive.”

‎Obi also renewed his call for Tinubu to resign, citing alleged incompetence, unfulfilled campaign promises, and lack of commitment to Nigerians’ welfare and security.

‎He urged citizens to hold the government accountable through lawful and democratic means.

‎Meanwhile, the Federal Government has dismissed claims that it spent over N8 trillion outside the approved budget, describing the allegation as false and a misrepresentation of the 2026 Article IV Consultation Report by the IMF.

‎In a statement on Sunday, the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, maintained that the Federal Government does not operate a “shadow budget” or spend public funds outside the constitutional and statutory framework.

‎He explained that Sections 80 to 83 and 162 of the 1999 Constitution (as amended) clearly stipulate that public funds can only be withdrawn and spent in line with the Constitution and laws enacted by the National Assembly.

‎“The Federal Government does not operate a shadow budget or expend public funds outside the constitutional and statutory framework established for public finance,” the minister insisted

‎He explained that government spending is carried out through duly enacted Appropriation Acts, Supplementary Appropriation Acts and other statutory authorities approved by the National Assembly.

‎Oyedele also pointed out that multi-year capital projects, which span several budget cycles, are implemented under existing laws and approved capital rollover provisions, stressing that such projects should not be misconstrued as expenditure outside the budget.

‎He described as inaccurate claims that trillions of naira had been secretly spent without legislative approval, arguing that those making such allegations had failed to identify any project executed without appropriation or provide credible evidence to support their assertions.

‎The minister further clarified that Nigeria’s public finance system includes statutory transfers, first-line charges and intervention mechanisms created by Acts of the National Assembly.

‎According to him, these cover statutory allocations to development commissions and agencies, cost of collection retained by designated revenue agencies, separately approved capital expenditure for some agencies and the Federal Capital Territory, special interventions for national priorities such as security, infrastructure and disaster response, as well as debt service obligations.

‎He stressed that these expenditures are lawful, publicly disclosed in fiscal reports and subject to oversight and audit, adding that differences in their presentation under international reporting standards should not be interpreted as evidence of illegal spending.

‎Oyedele also rejected suggestions that the reported amount represented an increase in Nigeria’s fiscal deficit.

‎He explained that fiscal deficits are determined by the relationship between total government revenue and total expenditure, noting that the financing method for approved projects does not automatically widen the deficit.

‎The minister said the IMF’s observation was primarily about the comprehensiveness, timing and presentation of Nigeria’s fiscal reporting rather than the legality of government expenditure.

‎He added that the Federal Government was already implementing reforms to align budget presentation with international fiscal reporting standards.

‎Oyedele recalled that President Bola Ahmed Tinubu had, during the presentation of the 2026 Appropriation Bill to a joint session of the National Assembly on December 19, 2025, requested lawmakers to end the practice of running multiple and overlapping budgets and harmonise them into a single, cohesive framework.

‎Reaffirming the administration’s commitment to prudent fiscal management, transparency and accountability, the minister said ongoing reforms had strengthened budget credibility, revenue administration, treasury management and the digitalisation of government financial processes.

‎He added that the reforms had received recognition from the IMF, other multilateral institutions, international credit rating agencies, investors and global media organisations.

‎While welcoming public scrutiny of government finances, Oyedele urged commentators to base their arguments on facts and a proper understanding of Nigeria’s constitutional and fiscal framework.

‎“Mischaracterising technical observations as evidence of unlawful expenditure neither advances informed public discourse nor strengthens democratic accountability,” he said.