FG Denies Spending ₦8tn Outside Budget, Says IMF Report Misinterpreted
By Nafiu Muhammad Lema
The Federal Government has dismissed claims that it spent more than ₦8 trillion outside the 2026 budget, insisting that the reports misrepresented the findings of the International Monetary Fund (IMF).
In a statement issued on Sunday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the Federal Government does not operate a “shadow budget” or spend public funds outside constitutional and legislative approval.
The clarification follows public reactions to the IMF’s 2026 Article IV Consultation Report, which noted that public spending equivalent to about two per cent of Nigeria’s Gross Domestic Product had not been fully reflected in official budget reports.
The observation prompted opposition leaders, including former Vice President Atiku Abubakar and Peter Obi, to call for an investigation.
Rejecting the allegations, Oyedele said all federal expenditures are backed by the Constitution and approved by the National Assembly through appropriation laws, supplementary budgets, statutory transfers and other legally recognised mechanisms.
“These claims are incorrect and risk misleading the public regarding the government’s financial management,” Oyedele said.
The minister explained that multi-year capital projects, statutory transfers, debt servicing, intervention funds and other legally authorised expenditures are recognised components of Nigeria’s public finance system and should not be interpreted as spending outside the budget.
“It is inaccurate to suggest that trillions of naira have been secretly spent outside legislative approval,” he stated.
Oyedele further stressed that the IMF’s observations were aimed at improving the completeness and presentation of fiscal reporting rather than questioning the legality of government spending or suggesting an increase in the country’s fiscal deficit.
He added that the Tinubu administration remains committed to transparency, accountability and ongoing fiscal reforms designed to strengthen budget credibility and public financial management.
The minister also urged Nigerians to rely on verified facts when discussing public finance, warning that misrepresenting technical fiscal observations could undermine informed public debate.
