Nigeria's Finance Minister Denies Secret Spending Claims

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, addressed recent allegations regarding Nigeria's public spending, which suggested that approximately 2% of the Gross Domestic Product (GDP), amounting to 8 trillion naira, was spent outside of approved budgets. This claim was based on a report from the International Monetary Fund (IMF) by its resident representative in Nigeria, Christian Ebek.

Oyedele stated that the federal government does not operate a shadow budget and that all public funds are spent according to constitutional and statutory frameworks established by the 1999 Constitution of the Federal Republic of Nigeria. He clarified that expenditures are incurred pursuant to duly enacted appropriation acts and that any multi-year capital projects are implemented in compliance with existing laws.

Oyedele also noted that the allegations lack credible evidence and emphasized the importance of distinguishing between authorized expenditures and fiscal reports. He reaffirmed that all financial activities are subject to oversight and audit mechanisms.