Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has accused the administration of President Bola Tinubu of operating a massive ₦8.8 trillion "shadow budget" outside the country's statutory appropriation process, following findings contained in the latest International Monetary Fund (IMF) Article IV consultation on Nigeria. In a statement issued on Saturday, July 4, 2026, Atiku said a Reuters report published on July 1, 2026, citing the IMF, indicated that public expenditures equivalent to about two per cent of Nigeria's Gross Domestic Product (GDP) were not captured in recent official budgets.
Atiku said his concerns were prompted by the IMF's latest Article IV consultation on Nigeria, published by Reuters on July 1, 2026, which disclosed that government expenditures amounting to roughly two percent of GDP had not been recorded in recent official budgets. Using Nigeria's estimated GDP of about ₦441.5 trillion, Atiku said the figure translates to approximately ₦8.8 trillion. He described the development as "the most consequential act of fiscal impunity in Nigeria's recent democratic history," calling on Nigerians, the media, civil society organisations, the National Assembly, and other democratic institutions to demand accountability.
According to Atiku, the IMF's latest Article IV consultation, articulated by its resident representative in Nigeria, Christian Ebeke, confirmed that the staggering discrepancy arose from large-scale government projects executed entirely off-budget. "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. It is a parallel fiscal universe, one governed by executive whim, shielded from the constitutional accountability that the Nigerian people are owed," Atiku stated.
Atiku further alleged that the practice mirrors what he described as the "Alpha Beta arrangement" during Tinubu's tenure as governor of Lagos State, claiming that the same off-budget revenue management model had now been replicated at the federal level. "What the IMF has now documented at the federal level is that same Lagos playbook, replicated at national scale and with national consequences. The man who perfected the art of the off-budget economy in Lagos has brought that 'Beta' form to Abuja, and the price is being paid by 220 million Nigerians," he said.
The former vice president also accused the Federal Government of unlawfully deducting ₦800 billion from statutory allocations due to state governments. "We draw the attention of Nigerians to the ₦800 billion that has been illegally deducted from the statutory allocations of state governments, funds belonging to the federating units of this republic, unlawfully withheld and diverted without the authorisation of the National Assembly, without a court order, and without any constitutional basis whatsoever," he said. Atiku claimed that the alleged ₦800 billion deduction and the ₦8.8 trillion in unrecorded federal expenditure pointed to the construction of a massive political war chest ahead of the 2027 general elections.
Atiku further linked the off-budget spending allegations to the recent controversy surrounding the ₦1.3 billion allocation in the 2026 federal budget for the so-called "Presidential Foreign Intervention Promotion Council," an agency the administration later acknowledged did not exist. He argued that both issues reflected a broader pattern of fiscal opacity. "The recent public controversy over the ₦1.3 billion inserted into the 2026 Federal Budget for the so-called Presidential Foreign Intervention Promotion Council, an agency the administration itself was forced to acknowledge did not exist, is now rendered far less surprising in this broader context," he said.
He also referenced allegations made by Adeniyi Adeyemi, the principal figure linked to the PFIPC controversy, who reportedly claimed that the dispute began after he refused a demand for a 48 per cent kickback from the Office of the Chief of Staff over a proposed ₦27.3 billion take-off grant for the agency. Atiku called for an independent investigation into the allegation, saying, "If the allegations are false, let the government prove them through an open investigation. If they are true, then every official connected with this scandal, regardless of rank or office, must be removed immediately and handed over to the appropriate security agencies for prosecution."
The ADC presidential candidate called on the National Assembly to immediately convene emergency investigative hearings into the IMF findings and urged the Auditor-General of the Federation to conduct a comprehensive audit of all alleged off-budget expenditures. He also demanded that the Federal Government publish details of all projects executed outside the approved budget, including contractors involved, procurement processes followed, and officials who authorised the spending. He further called on the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission, and other anti-corruption agencies to investigate the alleged unrecorded expenditures and deductions from state allocations.
Atiku argued that while Nigerians had been subjected to economic reforms, including fuel subsidy removal, exchange rate adjustments, and high interest rates, significant public funds were allegedly being spent outside official budgetary processes. "The IMF has now exposed that narrative as a big fat lie. While the poor were told to bleed, the government maintained access to a ₦8.8 trillion shadow treasury," he said. He maintained that greater fiscal transparency could have provided resources to stimulate economic growth, support businesses, create jobs, and stabilise the economy.
As of press time, the Presidency had not issued an official response to Atiku's allegations. The former vice president urged civil society groups, professional bodies, the business community, and international development partners to press for greater transparency and accountability in public finance management. "The National Assembly must convene emergency investigative hearings on the IMF's findings without further delay," Atiku said. He added that the Federal Government should restore the alleged ₦800 billion deducted from state allocations and provide a full account of how the funds were utilised. The controversy is expected to intensify as opposition figures and civil society groups continue to demand answers over what Atiku has called "the most consequential act of fiscal impunity in Nigeria's recent democratic history."
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