Nigeria Denies ₦8tn Off-Budget Spending Claims

The Federal Government of Nigeria has refuted claims of ₦8 trillion in off-budget spending, stating that such allegations stem from a misinterpretation of the International Monetary Fund's (IMF) Article IV consultation report. Finance Minister Taiwo Oyedele clarified that the report does not accurately reflect Nigeria's public finance practices.

The IMF's statement indicated that government expenditure was equivalent to two percent of Nigeria's Gross Domestic Product (GDP), which has sparked criticism from opposition leaders, including former Vice President Atiku Abubakar and presidential candidate Peter Obi. They accused the Tinubu administration of financial mismanagement and called for an investigation.

Oyedele maintained that the federal government operates within the constitutional framework, emphasizing that public expenditure is strictly regulated by sections of the 1999 Constitution. He dismissed the notion of unauthorized spending, asserting that all expenditures are legally recognized and subject to oversight.

The government aims to clarify the fiscal framework and address misconceptions regarding its financial management.