IMF Report: Atiku Demands Urgent Probe Of ‘Unaccounted’ N8.8trillion Spent By Tinubu Govt
Former vice president Atiku Abubakar has called for an urgent investigation into what he described as an alleged N8.8 trillion in unrecorded public expenditure under the administration of Bola Ahmed Tinubu, following recent observations contained in the International Monetary Fund's latest Article IV consultation on Nigeria.
In a strongly worded statement issued by himself on Saturday, the 2027 presidential candidate of African Democratic Congress (ADC), said he was alarmed by reports that public expenditures equivalent to about two per cent of Nigeria's Gross Domestic Product were allegedly executed outside the country's official budget framework.
According to Atiku, the amount translates to approximately N8.8 trillion based on Nigeria's estimated GDP of N441.5 trillion.
He argued that the alleged off-budget spending represents one of the most significant fiscal accountability concerns in Nigeria's recent democratic history, urging the media, civil society organisations, the National Assembly and other democratic institutions to thoroughly investigate the matter.
Citing the IMF's findings, Atiku alleged that the expenditures arose from large government projects carried out outside the statutory budget process, thereby placing them beyond the oversight of the Auditor-General, procurement regulations and legislative scrutiny.
“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 said.
The former presidential candidate further alleged that the development mirrors what he described as an off-budget revenue management structure previously associated with Tinubu's tenure as governor of Lagos State.
He claimed that the same fiscal model had now been replicated at the federal level, warning that it could undermine transparency and constitutional accountability.
Atiku also accused the Federal Government of unlawfully withholding about N800 billion from statutory allocations due to state governments.
According to him, the alleged deductions, when combined with the reported N8.8 trillion in off-budget expenditure, suggest the creation of what he described as a "massive, multi-source 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," he alleged.
The former vice president linked the issue to the recent controversy surrounding the alleged N1.3 billion budgetary provision for the Presidential Foreign Intervention Promotion Council, which the Federal Government later said was not an existing agency.
He argued that the controversy reflects broader concerns over transparency in public finance management.
Atiku also criticised the Tinubu administration's economic policies, including the removal of fuel subsidy, exchange rate reforms and rising interest rates, arguing that Nigerians had been subjected to severe economic hardship while, according to him, huge sums of public funds were allegedly spent outside official budgetary records.
He maintained that the reported N8.8 trillion, if transparently appropriated and invested in productive sectors, could have supported economic recovery, boosted employment, strengthened the naira and improved access to credit for businesses.
The former vice president consequently demanded immediate action from relevant institutions.
Among his demands, he called on the National Assembly to commence emergency investigative hearings into the IMF's findings, urged the Auditor-General of the Federation to conduct a comprehensive audit of all off-budget expenditures referenced in the IMF report, and asked the Federal Government to publish details of every project and contractor linked to such spending.
He also called for the immediate refund of the alleged N800 billion deducted from state allocations and urged anti-corruption agencies, including the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission, to launch independent investigations into the allegations.
"A government that governs in secret spends in secret. A government that spends in secret does not govern, it plunders," Atiku said.
He insisted that Nigerians deserve full transparency and accountability in the management of public funds, urging citizens and institutions to demand explanations over the alleged unrecorded expenditures.