Atiku Demands Probe Over IMF Report Alleging ₦8.8tn Off-Budget Spending by Tinubu Administration
By Nafiu Muhammad Lema
Former Vice President Atiku Abubakar has called for an urgent investigation into an International Monetary Fund report which, according to him, indicates that the Federal Government failed to record public expenditures equivalent to about two percent of Nigeria’s Gross Domestic Product in recent budgets.
In a lengthy statement issued on Saturday, Atiku described the alleged unrecorded spending estimated at about ₦8.8 trillion as a grave case of fiscal opacity, accusing the administration of President Bola Ahmed Tinubu of operating what he called a “shadow treasury” outside constitutional oversight.
Citing the IMF’s recent Article IV consultation, Atiku claimed the unrecorded expenditures stemmed from large-scale government projects executed outside the official budget process. He argued that such spending, if confirmed, would undermine legislative oversight, public accountability and Nigeria’s procurement framework.
The former presidential candidate also alleged that the development reflects a broader pattern of off-budget financial management, drawing comparisons with revenue administration in Lagos State during Tinubu’s tenure as governor. He further alleged that ₦800 billion had been unlawfully deducted from statutory allocations due to state governments, claiming the funds could be used to build a political war chest ahead of the 2027 general elections.
Atiku criticised the Federal Government’s economic policies, including fuel subsidy removal, exchange rate reforms and high interest rates, arguing that Nigerians were subjected to economic hardship while substantial public funds were allegedly spent outside official budgetary records.
He called on the National Assembly to immediately investigate the IMF’s findings and urged the Auditor-General of the Federation to conduct a comprehensive audit of all alleged off-budget expenditures. He also demanded that the Federal Government publicly disclose all projects, contracts and approvals connected to the reported spending.
In addition, Atiku urged anti-corruption agencies, including the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission, to launch independent investigations into the alleged off-budget expenditures and the reported deductions from state allocations.
The Federal Government has yet to officially respond to Atiku’s statement. However, the IMF report referenced by the former vice president discusses fiscal reporting gaps and recommends strengthening transparency and public financial management in Nigeria.
