Obi, Atiku Demand Probe Over IMF N8.83tn Spending Report

A fresh political controversy has erupted over Nigeria’s public finances after former Labour Party presidential candidate in the 2023 election, Peter Obi, and former Vice President Atiku Abubakar demanded greater accountability over an estimated N8.83 trillion in government expenditure reportedly executed outside the federal budget according to the International Monetary Fund (IMF).

The renewed debate follows comments by the IMF’s Resident Representative in Nigeria, Christian Ebeke, who disclosed during an industry event in Lagos that public expenditure equivalent to about two per cent of Nigeria’s Gross Domestic Product (GDP) was not reflected in official budget documents, creating a discrepancy between the country’s reported fiscal deficit and its actual financing requirements.

Reacting in a statement posted on his verified X account on Sunday, Obi described the IMF’s observations as further evidence of what he called “grand corruption” under the current administration.

According to him, the estimated N8.83 trillion represents more than 35 per cent of Nigeria’s 2025 capital expenditure budget and exceeds the combined allocations to the education and health sectors.

Obi argued that if properly utilised and transparently managed, the amount could have significantly improved public healthcare, education, infrastructure and employment opportunities.

He alleged that the development reflects a broader pattern of disregard for public finance rules, insisting that expenditures outside legislative oversight undermine accountability, deepen poverty and threaten national stability.

The former Anambra State governor further accused the administration of incompetence and insensitivity, reiterating his earlier call for President Bola Tinubu to resign, while urging Nigerians to lawfully demand greater accountability from government.

Similarly, former Vice President Atiku Abubakar called for an immediate investigation into the alleged off-budget expenditure, describing the IMF findings as a serious breach of fiscal transparency.

In a statement posted on his verified Facebook page on Saturday, Atiku referenced the IMF’s latest Article IV consultation and argued that approximately N8.8 trillion was allegedly spent outside the legally approved budget framework.

He urged the National Assembly to commence investigative hearings and called on the Auditor-General of the Federation to conduct a comprehensive audit of all alleged off-budget expenditures.

The former vice president also asked the Federal Government to publish details of projects reportedly executed outside approved budgets, including procurement processes, contractors and officials who authorised the spending.

Atiku further called on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the allegations.

He also alleged that about N800 billion was deducted from statutory allocations due to state governments without constitutional authorisation and linked the issue to the recent controversy surrounding the disputed Presidential Foreign Intervention Promotion Council (PFIPC), arguing that both developments raise wider concerns about transparency in public financial management.

The latest reactions stem from comments by IMF Resident Representative Christian Ebeke, who said expenditure amounting to about two per cent of Nigeria’s GDP—estimated at N8.83 trillion based on the National Bureau of Statistics’ 2025 nominal GDP of N441.5 trillion—was omitted from official fiscal reports.

Ebeke explained that much of the discrepancy resulted from capital projects executed outside the formal budget framework, leading to an understatement of Nigeria’s fiscal deficit and complicating fiscal and monetary policy coordination.

He warned that off-budget spending raises concerns over procurement, institutional oversight and public accountability, while noting that the Federal Government has begun legislative efforts aimed at bringing such expenditures within the formal budget reporting framework.

The controversy has also drawn attention to the ongoing dispute surrounding the Presidential Foreign Intervention Promotion Council (PFIPC).

The Presidency recently insisted that the council does not exist, describing it as part of an alleged impersonation and forgery scheme currently before the Federal High Court.

According to the Presidency, investigations by security agencies established that individuals allegedly forged appointment letters, official seals and government documents to create the impression that the council was a legitimate presidential agency.

However, fresh scrutiny emerged after budget documents reportedly showed a N1.3 billion allocation linked to the Presidential Foreign Intervention Promotion Council.

Economist and finance analyst Kalu Aja questioned why an agency the Presidency describes as non-existent appeared in official appropriation documents approved through the federal budget process.

In response, Presidential spokesman Bayo Onanuga maintained that the council has no legal existence and urged commentators not to rely on claims made by individuals facing criminal prosecution, noting that the matter remains before the courts.

The Presidency has yet to publicly explain how the disputed council came to appear in budget documents carrying a N1.3 billion allocation, leaving questions over the classification and approval process unresolved.

The IMF’s observations come as the Fund acknowledged that Nigeria’s recent economic reforms have helped improve macroeconomic stability and investor confidence but cautioned that stronger fiscal transparency and public financial management remain essential to sustaining the gains.