Former Vice President Atiku Abubakar has called on Nigeria’s anti-corruption agencies to investigate allegations that the federal government spent an estimated N8.8 trillion outside the country’s approved budget framework, describing the reported expenditure as a serious breach of fiscal transparency and accountability.
Atiku made the call in a statement issued on Saturday, urging the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to probe claims by the International Monetary Fund (IMF) that public spending equivalent to two per cent of Nigeria’s Gross Domestic Product (GDP) was omitted from recent national budgets.
Christian Ebeke, the IMF resident representative in Nigeria, had disclosed on Wednesday that some government capital expenditures were excluded from official budget documents and implementation reports, making Nigeria’s fiscal deficit appear lower than its actual borrowing requirements.
Reacting to the disclosure, Atiku said Nigeria’s economy is currently valued at about N441.5 trillion, meaning the reported two per cent discrepancy translates to approximately N8.8 trillion allegedly spent without legislative approval, independent audit or public accountability.
The former vice president accused the administration of President Bola Tinubu of operating what he described as an off-budget fiscal system that bypasses constitutional oversight.
“The IMF’s latest Article IV consultation, presented by its resident representative in Nigeria, Christian Ebeke, confirmed that this staggering discrepancy arises from large-scale government projects executed entirely off-budget.
“Let us be absolutely clear about what this means. The Tinubu administration is awarding multi-trillion-naira contracts, moving massive public capital and commissioning infrastructure projects entirely beyond the reach of the Auditor-General, the nation’s procurement laws and the legitimate oversight of the National Assembly. It is a parallel fiscal universe governed by executive discretion,” he said.
Atiku also alleged that about N800 billion had been deducted from statutory allocations due to state governments under the umbrella of the Progressive Governors Forum.
He claimed that the alleged deduction, combined with the reported N8.8 trillion in off-budget expenditure, could amount to funds being assembled for political purposes ahead of the 2027 general elections.
“When a government operates a secret treasury of this scale at precisely the moment it needs to purchase electoral outcomes, the conclusion is not difficult to reach,” he alleged.
The 2023 presidential candidate of the Peoples Democratic Party further argued that while Nigerians had endured severe economic hardship following the removal of petrol subsidy and successive devaluations of the naira, the Federal Government allegedly maintained access to substantial off-budget resources.
“The IMF has now exposed that narrative as a big fat lie. While the poor were told to bleed, the government maintained access to a N8.8 trillion shadow treasury,” Atiku said.
He added that the amount—estimated at about $5.5 billion—could have significantly financed the $10 billion economic stimulus package he proposed during the 2023 presidential campaign to stabilise the exchange rate, reduce inflationary pressure and lower borrowing costs for businesses.
The former vice president called on the National Assembly to immediately convene emergency investigative hearings into the IMF’s findings, describing the matter as a constitutional emergency requiring urgent legislative attention.
He also urged the Auditor-General of the Federation to conduct an independent audit of all alleged off-budget expenditures and demanded the immediate restoration of the N800 billion he claimed was deducted from state allocations.
According to Atiku, the Federal Government should provide a full and transparent account of every naira allegedly spent outside the official budget to restore public confidence in the country’s fiscal management system.