FG Refutes IMF Report on ₦8tn Budget Mismanagement

The Federal Government of Nigeria, through Minister of Finance and Coordinating Minister of Economy Taiwo Oyedele, has dismissed claims made in an International Monetary Fund (IMF) report that suggested ₦8 trillion was spent outside the approved 2026 budget. Oyedele characterized the report as inaccurate and misrepresentative, stating that it incorrectly implied that two percent of Nigeria's Gross Domestic Product (GDP) was expended outside the approved budget.

He emphasized that all public funds are withdrawn and spent according to constitutional law, specifically sections 80, 83, and 162 of the 1999 Constitution. Oyedele clarified that the government does not operate a shadow budget and that expenditures are authorized by law.

He also rejected suggestions that the reported amount indicated an increase in Nigeria's fiscal deficit, asserting that fiscal deficits are determined by the relationship between total government revenue and expenditure. The Minister reiterated the government's commitment to transparent financial management and stated that the claims lack credible evidence.