Atiku, Obi Demand Probe Into IMF’s ₦8.83tn Off-Budget Spending Report

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Former Vice President Atiku Abubakar and former Anambra State governor Peter Obi have demanded accountability from the Federal Government over the reported disclosure by the International Monetary Fund (IMF) that Nigeria failed to report public spending equivalent to about two per cent of its Gross Domestic Product (GDP) in recent official budgets.

The IMF’s Resident Representative in Nigeria, Christian 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.

The African Democratic Congress (ADC) presidential candidate said that the two per cent of GDP translates to about ₦8.8 trillion, describing it as public funds allegedly spent without legislative approval, audit or public accountability.

READ ALSO: FG Denies ₦8tn Off-Budget Spending Claim, Says IMF Comments Misrepresented

According to him, 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.

Atiku also alleged that the Tinubu administration had maintained what he described as a “shadow treasury” despite imposing painful economic reforms on Nigerians.

He further claimed that an additional ₦800 billion had been deducted from statutory allocations due to states and alleged that the funds were being assembled as a political war chest ahead of the 2027 general elections.

He urged the National Assembly to immediately launch an investigation into the IMF’s findings, called for an independent audit of all alleged off-budget expenditures, and demanded the refund of the ₦800 billion he claimed was deducted from state allocations.

Similarly, Obi expressed concern over the development, describing the IMF’s report as further evidence of what he called “grand corruption” under the current administration.

In a post on X, the Nigeria Democratic Congress (NDC) presidential candidate argued that the reported ₦8.83 trillion expenditure was not captured in the national budget and was therefore outside legislative oversight.

He noted that the amount represented more than 35 per cent of the 2025 capital budget and exceeded the combined federal allocations to the education and health sectors.

According to him, if properly deployed and accounted for, the funds could have significantly improved public education and healthcare.

Obi said the report pointed to a pattern of financial mismanagement and renewed his call for President Bola Tinubu to resign, arguing that the administration had failed to demonstrate commitment to accountability, public welfare and national security.

He also urged Nigerians to continue demanding greater transparency in the management of public resources.

The IMF had reportedly explained that the discrepancy stemmed mainly from government projects undertaken outside the formal budget process.

The global financial body, however, noted that the Federal Government had begun taking steps to address the issue by revising budget laws and improving fiscal reporting, while urging greater transparency and timely publication of budget implementation reports.