By Onoja Baba, Nigeria
The Federal Government has dismissed claims that it spent more than ₦8 trillion outside the approved budget, insisting it does not operate a “shadow budget” or expend public funds outside the constitutional framework governing public finance.
In a statement issued by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the government described recent reports linking the alleged off-budget spending to the International Monetary Fund’s 2026 Article IV Consultation Report as misleading and inaccurate.
The government explained that all federal expenditures are made in accordance with the Constitution, Appropriation Acts, Supplementary Appropriation Acts and other laws passed by the National Assembly, adding that statutory transfers, debt servicing, intervention funds and multi-year capital projects are lawful components of Nigeria’s public finance system.
It further clarified that the IMF’s observations relate to the presentation and comprehensiveness of fiscal reporting rather than the legality of government spending, noting that President Bola Ahmed Tinubu had already proposed harmonising multiple budgets into a single framework as part of ongoing public financial management reforms.
The Federal Government reaffirmed its commitment to transparency, accountability and prudent fiscal management, urging the public to base discussions on verified facts rather than misinterpretations of technical fiscal reports.
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