FG and Opposition Clash Over N8 Trillion Off-Budget Spending

The Federal Government of Nigeria and opposition parties are at odds regarding claims of N8 trillion in off-budget spending. Christian Ebek, the IMF resident representative in Nigeria, stated that public expenditure is not accurately reflected in the country's fiscal accounts, suggesting that two percent of expenditures are unreported.

Ebek attributed this discrepancy to large capital projects executed outside the formal budget framework, which complicates the assessment of Nigeria's fiscal position. Former Vice President Atiku Abubakar expressed deep concern over the IMF's findings, arguing that they indicate a parallel fiscal structure operating without proper oversight.

He called for an urgent investigation by the National Assembly and the EFCC into the alleged N800 billion deducted from statutory allocations to state governments. Peter Obi, presidential candidate of the Nigeria Democratic Congress, also demanded President Bola Ahmed Tinubu's resignation over these fiscal issues.

The IMF acknowledged that the federal government has begun reforms to address these problems.