The Nigerian government has officially refuted allegations that it utilized over N8 trillion beyond the authorized budget, labeling the claims as a distortion of the IMF’s 2026 Article IV Consultation report. Authorities warned that assertions suggesting two percent of the national GDP was spent outside legal frameworks could mislead the public regarding the nation’s financial management.
Finance Minister Taiwo Oyedele clarified on Sunday that no such shadow budget exists. He emphasized that all expenditures strictly follow the 1999 Constitution and laws passed by the National Assembly. He explained that funding is managed through Appropriation Acts and that multi-year projects are implemented within legal rollover provisions rather than being unauthorized spending.
Addressing the specific allegations, the Minister noted that critics failed to provide proof of any project executed without legislative backing. He explained that statutory transfers and intervention funds, which cover essential areas like infrastructure and security, are lawful and fully documented. These figures often appear differently in international reports, but this does not constitute illegal activity.
Oyedele further rejected the idea that these figures reflect an increased fiscal deficit, noting that the IMF’s feedback focused on the format of fiscal reporting rather than the legality of the spending itself. President Bola Ahmed Tinubu is already working to consolidate various budgetary frameworks into a single system. The administration remains committed to transparency and ongoing financial reforms aimed at improving treasury management and accountability.
