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🇳🇬 Nigeria /Economy & Trade

Atiku Asks EFCC, ICPC to Probe IMF’s Claim of Nigeria Spending N8.8tn Off-budget

From ThisDay · () English

Summarized and contextualized by DistantNews.

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  • Former Nigerian Vice President Atiku Abubakar urged the EFCC and ICPC to investigate the IMF's claim that Nigeria spent 8.8 trillion naira off-budget.
  • Abubakar stated this amount is equivalent to 2% of Nigeria's GDP, highlighting concerns about fiscal transparency.
  • The call for investigation aims to ensure accountability in government spending and adherence to budgetary regulations.

Former Nigerian Vice President Atiku Abubakar has called on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate a claim by the International Monetary Fund (IMF).

The IMF reportedly stated that Nigeria spent 8.8 trillion naira (approximately $5.7 billion USD) outside of its official budget. Abubakar, who was also the presidential candidate for the African Democratic Congress (ADC), emphasized that this off-budget spending is equivalent to 2% of Nigeria's Gross Domestic Product (GDP).

Abubakar's demand, made through a statement, underscores concerns about fiscal transparency and accountability within the Nigerian government. The call aims to ensure that public funds are managed according to established budgetary laws and regulations, preventing unauthorized or undocumented expenditures.

Says amount equivalent to 2% of Nigeria’s GDP

— Atiku AbubakarReferring to the IMF's claim of Nigeria's off-budget spending.
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Originally published by ThisDay. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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