FG DENIES SPENDING ₦8TN OUTSIDE APPROVED BUDGET, SAYS CLAIMS MISREPRESENT IMF REPORT
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By: Muftau Fatimo
The Federal Government has dismissed claims that it spent more than ₦8 trillion outside the approved budget, describing reports linking the allegation to the International Monetary Fund’s (IMF) 2026 Article IV Consultation Report as misleading and inaccurate.
In a statement issued on Sunday, the Federal Ministry of Finance said the government does not operate a “shadow budget” or spend public funds outside the constitutional and legal framework governing public finance.
The ministry explained that all federal expenditures are made in line with the provisions of the 1999 Constitution (as amended), Appropriation Acts, Supplementary Appropriation Acts, and other statutory approvals granted by the National Assembly.
It stressed that multi-year capital projects and statutory transfers provided for under existing laws should not be misconstrued as expenditures made outside the budget.
According to the ministry, allegations that trillions of naira were secretly spent without legislative approval are unfounded, noting that no credible evidence has been presented to support such claims.
The statement also clarified that statutory transfers, debt servicing, intervention funds, and other first-line charges are established by law, publicly disclosed in fiscal reports, and subject to oversight and audit mechanisms.
It further rejected suggestions that the reported amount reflected an increase in Nigeria’s budget deficit, explaining that differences in fiscal reporting and budget presentation under international standards do not amount to unlawful expenditure.
The ministry noted that the IMF’s observations focused on the comprehensiveness and presentation of Nigeria’s fiscal reporting rather than the legality of government spending.
It added that President Bola Tinubu had already called for an end to the practice of multiple and overlapping budgets during the presentation of the 2026 Appropriation Bill, as part of ongoing reforms to strengthen fiscal transparency.
Reaffirming its commitment to prudent fiscal management, the Federal Government said it would continue to uphold transparency, accountability, and compliance with constitutional provisions while working with relevant stakeholders to deepen fiscal governance in line with international best practices.
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