IMF report: Tinubu’s govt breaks silence on alleged missing N8trn
Federal Government Denies Allegations of ₦8 Trillion Unapproved Spending
The Federal Government has rejected claims that it spent over ₦8 trillion outside of the 2025 budget, asserting that all public expenditures were made in accordance with Nigeria’s constitutional and legal framework.
In a statement issued Sunday, Finance Minister Taiwo Oyedele stated that reports suggesting approximately two percent of Nigeria’s Gross Domestic Product (GDP) had been spent without legislative approval were based on a misinterpretation of the International Monetary Fund’s (IMF) 2026 Article IV Consultation Report.
The ministry emphasized that the government does not operate a “shadow budget” nor does it engage in unauthorized public spending. “All public funds can only be withdrawn and spent in accordance with Sections 80 to 83 and 162 of the 1999 Constitution,” the ministry said, highlighting that expenditures follow enacted Appropriation Acts and other statutory authorizations.
The statement clarified that multi-year capital projects are executed under existing laws and approved capital rollovers, asserting that such undertakings should not be misconstrued as spending outside the budget.
Oyedele stated that claims of secret expenditures lack substantiation. He urged those making such allegations to specify which projects were executed without appropriate legislative approval. “It is inaccurate to suggest that trillions of naira have been secretly spent,” he remarked, adding that claims of this magnitude must be supported by verifiable evidence.
Furthermore, the ministry detailed aspects of Nigeria’s public finance system, which includes statutory transfers, first-line charges, and intervention mechanisms mandated by Acts of the National Assembly. These range from statutory allocations to development agencies to national priorities such as security and infrastructure, as well as debt servicing obligations.
The ministry affirmed that all expenditures are lawful, publicly disclosed, and subject to oversight and audit, though their presentation may differ in fiscal reports due to international reporting standards.
The government also dismissed claims that the reported ₦8 trillion contributed to an increase in the fiscal deficit. It noted that fiscal deficits are determined by the relationship between government revenue and expenditure, rather than by the financing mechanisms of approved projects.
The IMF’s observations primarily focused on the comprehensiveness and presentation of fiscal reporting, not the legality of government expenditures.
President Bola Tinubu has called for the National Assembly to streamline overlapping budgets into a single framework, a move that was noted during the presentation of the 2026 Appropriation Bill on December 19, 2025.
The administration reiterated its commitment to transparent and accountable fiscal management, pointing to ongoing reforms in budget credibility and financial processes.
The statement urged the public to engage in discussions based on verified facts and a clear understanding of the fiscal framework, cautioning against misrepresentations of technical observations as evidence of unlawful spending.