Atiku Accuses FG Of Spending N8.8tn Outside Budgetary Allocations, Cites IMF report
Former Vice President and presidential candidate of the African Democratic Congress, ADC, Alhaji Atiku Abubakar, says that the President Bola Tinubu-led administration spent about N8.8 trillion outside the country’s official budget, citing a recent International Monetary Fund, IMF, report.
Former Vice President and presidential candidate of the African Democratic Congress, ADC, Alhaji Atiku Abubakar, says that the President Bola Tinubu-led administration spent about N8.8 trillion outside the country’s official budget, citing a recent International Monetary Fund, IMF, report.
Describing the matter as “The most consequential act of fiscal impunity in Nigeria’s recent democratic history,” Atiku urged the National Assembly, civil society organisations and the media to investigate the allegations.
Atiku spoke in a statement on Saturday, pointing out, that the IMF report showed that public expenditure equivalent to about two percent of Nigeria’s Gross Domestic Product, GDP, was not officially captured in the federal government’s budget. He further noted that, the humongous amount was reportedly spent “outside the statutory framework of Nigeria’s official budget documents."
According to him, “This figure translates to a staggering N8.8 trillion in public funds spent entirely outside the statutory framework of Nigeria’s official budget documents, unaccounted for, unaudited, and hidden from the Nigerian people...
According to him, “This figure translates to a staggering N8.8 trillion in public funds spent entirely outside the statutory framework of Nigeria’s official budget documents, unaccounted for, unaudited, and hidden from the Nigerian people...
“It is a parallel fiscal universe, one governed by executive whim, shielded from the constitutional accountability that the Nigerian people are owed.”
Quoting IMF Resident Representative in Nigeria, Christian Ebeke, Atiku claimed the discrepancy resulted from “large-scale government projects executed entirely off-budget.”
He also alleged that the administration was executing multi-trillion naira projects beyond the oversight of the National Assembly and other accountability institutions.
The ADC presidential candidate also stressed that about N800 billion had been deducted from statutory allocations due to state governments without legislative approval, claiming the funds could be used to build a political war chest ahead of the 2027 general elections.
He also alleged that the administration was executing multi-trillion naira projects beyond the oversight of the National Assembly and other accountability institutions.
The ADC presidential candidate also stressed that about N800 billion had been deducted from statutory allocations due to state governments without legislative approval, claiming the funds could be used to build a political war chest ahead of the 2027 general elections.
Furthermore, Atiku lamented the controversy surrounding the N1.3 billion budgetary allocation for the Presidential Foreign Intervention Promotion Council, arguing that it reflected poor fiscal transparency, noting that Nigerians were being subjected to economic hardship through policies such as fuel subsidy removal, naira devaluation and high interest rates while accruing huge public funds were being spent outside the approved budget framework.
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