Former Vice President Atiku Abubakar and former Anambra State Governor Peter Obi have called for a full investigation into the International Monetary Fund’s (IMF) report alleging that Nigeria failed to disclose public spending estimated at ₦8.83 trillion, equivalent to about two per cent of the country’s Gross Domestic Product (GDP).
The IMF’s Resident Representative in Nigeria, Christian Ebeke, reportedly stated 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 about fiscal transparency.
Reacting to the report, Atiku urged 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.
The African Democratic Congress (ADC) presidential candidate described the reported expenditure as public funds allegedly spent without legislative approval, audit, or public accountability.
According to Atiku, the IMF’s findings suggest that the Federal Government executed multi-trillion-naira projects outside the oversight of the National Assembly, the Auditor-General, and Nigeria’s procurement laws.
He further alleged that the Tinubu administration has maintained what he described as a “shadow treasury” despite implementing difficult economic reforms and claimed that an additional ₦800 billion had been deducted from statutory allocations due to states and was being assembled as a political war chest ahead of the 2027 general elections.
Atiku called for an immediate parliamentary investigation, an independent audit of all alleged off-budget expenditures, and the refund of the claimed deductions from state allocations.
Similarly, Peter Obi described the IMF’s report as further evidence of what he termed “grand corruption” under the current administration.
In a post on X, Obi argued that the reported ₦8.83 trillion expenditure was not captured in the national budget and therefore fell outside legislative oversight. He noted that the amount exceeds 35 per cent of the 2025 capital budget and is larger than the combined federal allocations to the education and health sectors.
According to Obi, if properly utilised and transparently managed, the funds could have significantly improved public education and healthcare across the country.
The former Labour Party presidential candidate renewed his call for President Bola Ahmed Tinubu to resign, alleging that the administration has failed to uphold accountability, improve public welfare, and address Nigeria’s security challenges.
The IMF reportedly noted that the discrepancy largely stemmed from government projects undertaken outside the formal budget process. However, it acknowledged that the Federal Government has begun taking steps to improve fiscal reporting and revise budget laws, while urging greater transparency and timely publication of budget implementation reports.
The Federal Government has since rejected claims that it operates a “shadow budget,” insisting that all public expenditures are authorised under the Constitution and relevant laws passed by the National Assembly.
