Atiku asks EFCC, ICPC to probe IMF’s claim of N8.8trn off-budget spending

Former Vice President Atiku Abubakar has called on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the International Monetary Fund (IMF)’s claim that Nigeria omitted public spending equivalent to two per cent of its Gross Domestic Product (GDP) from recent budgets.

The IMF’s Resident Representative in Nigeria, Christian Ebeke, had stated that public spending worth two per cent of GDP was excluded from recent budget documents and implementation reports, making the country’s fiscal deficit appear lower than its actual borrowing needs.

Reacting in a statement on Saturday, Atiku said that with Nigeria’s economy estimated at about N441.5 trillion, the two per cent discrepancy amounts to roughly N8.8 trillion spent without legislative approval, audit or public accountability.

He alleged that the Tinubu administration was operating a parallel fiscal system outside constitutional oversight.

According to him, the IMF’s findings suggest that multi-trillion naira government projects were executed off-budget, beyond the scrutiny of the Auditor-General, procurement laws and the National Assembly.

Atiku, the presidential candidate of the African Democratic Congress (ADC) for the 2027 poll, also alleged that N800 billion had been deducted from statutory allocations due to state governments through the Progressive Governors Forum (PGF), claiming that the combined N9.6 trillion was being assembled as a political war chest ahead of the 2027 general elections.

“The IMF’s latest Article IV consultation, articulated by its resident representative in Nigeria, Christian Ebeke, confirmed that this staggering discrepancy arises from large-scale government projects executed entirely off-budget.

“Let us be absolutely clear about what this means: The Tinubu administration is awarding multi-trillion naira contracts, moving massive public capital, and commissioning infrastructure projects entirely beyond the reach of the Auditor-General, the nation’s procurement laws, and the legitimate oversight of the National Assembly. It is a parallel fiscal universe, one governed by executive whim,” he said.

Atiku argued that while Nigerians endured the hardship caused by fuel subsidy removal and successive naira devaluations, the government maintained what he described as a “shadow treasury.”

The former vice president said the N8.8 trillion, about $5.5 billion, could have financed the $10 billion economic stimulus package he proposed during the 2023 presidential campaign to stabilise the exchange rate and support businesses.

Atiku urged the National Assembly to immediately open an investigation into the IMF’s findings, describing the issue as a constitutional emergency.

He also called on the Auditor-General of the Federation to conduct an independent audit of all off-budget expenditures and demanded the restoration of the alleged N800 billion deducted from state allocations, alongside a full public accounting of all funds spent outside the approved budget.