Amanze Chinonye
Presidential candidate of the African Democratic Congress (ADC) for the 2027 election, Atiku Abubakar, has called for an immediate investigation into what he described as ₦8.8 trillion in unrecorded public expenditure, alleging that the funds could be part of a political war chest being assembled ahead of the 2027 general election.
In a statement issued on Saturday, the former Vice President cited findings from the International Monetary Fund (IMF), first reported by Reuters on July 1, which indicated that Nigeria failed to record public expenditures equivalent to about two per cent of its Gross Domestic Product (GDP) in recent official budgets.
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The allegation adds a fresh political dimension to an IMF disclosure that has already raised concerns over fiscal transparency and public financial management, with the Fund warning that unreported spending distorts the country’s actual fiscal position and complicates economic policymaking.
According to Atiku, the unrecorded expenditure reflected a pattern of fiscal opacity under President Bola Tinubu’s administration, accusing the government of operating what he described as “a parallel fiscal universe” beyond the oversight of the National Assembly, the Auditor-General of the Federation and Nigeria’s procurement laws.
He further claimed that the alleged off-budget spending, alongside what he described as the unlawful deduction of ₦800 billion from statutory allocations due to state governments, pointed to the creation of a multi-source political war chest ahead of the 2027 general election.
“The Tinubu administration is not reforming Nigeria’s economy. It is financing its own political survival with money that belongs to the Nigerian people,” Atiku said.
The former vice president also linked the allegations to the recent controversy surrounding the ₦1.3 billion budgetary provision for the Presidential Foreign Intervention Promotion Council (PFIPC), arguing that both issues reflected a broader pattern of opaque public financial management.
He accused the administration of imposing economic hardship on Nigerians through the removal of fuel subsidy, naira devaluation and high interest rates while allegedly maintaining what he called a “shadow treasury” outside public scrutiny.
Atiku called on the National Assembly to convene emergency investigative hearings into the IMF’s findings and urged the Auditor-General of the Federation to conduct a comprehensive audit of all off-budget expenditures referenced in the Fund’s latest Article IV consultation.
He also demanded that the Federal Government disclose all spending outside the official budget framework, restore the alleged ₦800 billion deducted from state allocations, and direct the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and other relevant agencies to investigate the matter.
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The IMF had, however, framed the issue as a fiscal reporting gap rather than an allegation of misappropriation. Speaking in Lagos on July 1, the Fund’s Resident Representative in Nigeria, Christian Ebeke, said public expenditure equivalent to about 2 per cent of Nigeria’s GDP had not been reflected in recent budget documents, creating a discrepancy between the country’s reported fiscal deficit and its actual financing needs.
According to Ebeke, the discrepancy arose partly because some major government capital projects were executed outside the formal budget process and were therefore omitted from budget documents and implementation reports.
“So far, we think that there are about 2% of GDP of expenditure that were not reported that should be reported and should be recorded, so that this statistical discrepancy will disappear,” he said.
Ebeke added that incomplete reporting makes Nigeria’s fiscal deficit appear smaller than the actual level of government borrowing, while also complicating coordination between fiscal and monetary authorities. He noted that off-budget spending raises concerns about procurement processes and legislative oversight but disclosed that Nigerian authorities had begun revising budget laws to incorporate previously unrecorded expenditure and improve fiscal reporting.
The IMF made the observations during its latest Article IV consultation on Nigeria, in which it commended the country’s sweeping economic reforms for strengthening macroeconomic stability and improving investor confidence. It, however, cautioned that the benefits of the reforms had yet to reach many Nigerians and warned that weak fiscal transparency could undermine the gains if left unaddressed.
The development is likely to intensify scrutiny of the Federal Government’s public finance management at a time of mounting political activity ahead of the 2027 elections, while also increasing pressure on the administration to clarify the nature and status of the expenditures identified by the IMF.
As of the time of filing this report, the Federal Government had not responded to Atiku’s allegations.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
