FG denies spending ₦8tn outside budget, says IMF report misrepresented

Nigeria's Federal Government has strongly refuted claims that it spent more than ₦8 trillion outside the 2026 budget. Officials described the reports, which cited the International Monetary Fund's 2026 Article IV Consultation Report, as inaccurate and a misrepresentation of the Fund's findings. The allegations suggested that public spending equivalent to about two percent of Nigeria's Gross Domestic Product was left unreported in recent official budgets.

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So far we think that there are about two per cent of GDP of expenditure that were not reported that should be reported and should be recorded, so that this statistical discrepancy will disappear.

In a statement, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, asserted that the Federal Government does not operate a "shadow budget" or disburse public funds outside the constitutional and statutory framework. Oyedele explained that all public funds are withdrawn and spent in accordance with Sections 80 to 83 and 162 of the 1999 Constitution, and through Appropriation Acts and other statutory authorities approved by the National Assembly.

The rebuttal follows comments attributed to the IMF Resident Representative in Nigeria, Christian Ebeke, who stated that approximately two percent of GDP in expenditure was not reported and should be recorded to eliminate statistical discrepancies. These comments, along with the IMF report, were leveraged by opposition figures, including former Vice President Atiku Abubakar and the National Democratic Party’s presidential candidate, Peter Obi, to accuse President Bola Tinubu's administration of entrenched corruption and call for a probe.

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These claims are incorrect and risk misleading the public regarding the government’s financial management.

Oyedele clarified that multi-year capital projects spanning different budget cycles and approved capital rollovers are recognized components of public financial management. He stressed that these should not be misconstrued as spending outside the budget, deeming allegations of trillions of naira being secretly spent outside legislative approval as inaccurate. The minister urged for specific instances to be identified if such claims are to be substantiated.

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It is inaccurate to suggest that trillions of naira have been secretly spent outside legislative approval. Such allegations should have identified the specific p