Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has accused the administration of President Bola Ahmed Tinubu of operating a massive off-budget expenditure system, alleging that about ₦8.8 trillion in public funds was spent outside Nigeria’s official budget framework.
Atiku made the allegation in a strongly worded statement on his X handle, citing findings from the latest International Monetary Fund (IMF) Article IV Consultation report, which he claimed revealed that public expenditures equivalent to approximately two per cent of Nigeria’s Gross Domestic Product (GDP) were not captured in official budget documents.
Describing the development as “the most consequential act of fiscal impunity in Nigeria’s recent democratic history,” the former vice president called on the National Assembly, anti-corruption agencies, civil society organisations and the media to demand full accountability from the Federal Government.”
“My attention has been drawn to a deeply troubling report by the International Monetary Fund, which reveals that the Tinubu-led APC administration failed to record public expenditures amounting to approximately two per cent of Nigeria’s Gross Domestic Product in recent official budgets,” Atiku said.
According to him, the figure translates to about ₦8.8 trillion, which he alleged was spent “outside the statutory framework of Nigeria’s official budget documents, unaccounted for, unaudited, and hidden from the Nigerian people.
“The former vice president further alleged that the discrepancy stemmed from large-scale government projects executed outside the approved budget process.
“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,” he stated.
Atiku also linked the alleged practice to what he described as a familiar pattern from Lagos State during Tinubu’s tenure as governor, arguing that a similar model of fiscal management had now been replicated at the federal level.
He further accused the Federal Government of unlawfully deducting ₦800 billion from statutory allocations due to state governments, alleging that the funds were diverted without legislative approval or constitutional backing.
“State governments across Nigeria have had their allocations raided to fund projects and purposes that have never been disclosed to the Nigerian public,” he claimed.
The former vice president alleged that the off-budget expenditures and the disputed deductions from state allocations could be part of efforts to build a political war chest 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,” Atiku said.
He also referenced recent controversies surrounding the inclusion of ₦1.3 billion in the 2026 federal budget for the Presidential Foreign Intervention Promotion Council, an agency whose existence was later questioned, arguing that the issue reflected a broader problem of fiscal accountability.
Atiku maintained that the alleged financial irregularities occurred despite the economic hardship Nigerians have endured since the removal of fuel subsidy and other economic reforms introduced by the current administration.
“Nigerians have been told repeatedly that the treasury is empty and that sacrifice today is the price of prosperity tomorrow. The IMF has now exposed that narrative as a big fat lie,” he alleged.
The former vice president consequently demanded an emergency investigation by the National Assembly, a comprehensive audit by the Auditor-General of the Federation, and full public disclosure of all expenditures referenced in the IMF report.
He also called on the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and other anti-graft agencies to launch independent investigations into the matter.
“The evidence is on the record. The figures are not in dispute. The only question that now confronts every Nigerian citizen and democratic institution is whether we will summon the collective will to demand accountability,” Atiku said.
As of the time of filing this report, the Presidency had not issued an official response to the allegations.The IMF’s Article IV Consultation is an annual assessment of member countries’ economic policies and fiscal performance.
However, the Fund has not publicly accused the Nigerian government of corruption or electoral financing, while details of the expenditure concerns raised in the report remain the subject of public debate and interpretation.
