Atiku Raises Alarm Over Alleged ₦8.8 Trillion Off-Budget Spending, Demands Immediate Probe

 Atiku Raises Alarm Over Alleged ₦8.8 Trillion Off-Budget Spending, Demands Immediate Probe

Former Vice President Atiku Abubakar has called for an urgent investigation into what he described as a major fiscal accountability crisis, following reports that the Federal Government allegedly failed to record public expenditures equivalent to about two percent of Nigeria's Gross Domestic Product (GDP) in its official budget documents.

In a strongly worded statement, Atiku cited an International Monetary Fund report published by Reuters on July 1, 2026, claiming that the administration of President Bola Ahmed Tinubu spent an estimated ₦8.8 trillion outside Nigeria's statutory budget framework.

According to the former presidential candidate, the reported off-budget expenditure represents one of the most serious cases of fiscal opacity in Nigeria's democratic history and deserves immediate scrutiny by all democratic institutions.

IMF Report Raises Questions Over Off-Budget Projects

Atiku said the IMF's latest Article IV consultation, presented by the Fund's Resident Representative in Nigeria, Christian Ebeke, attributed the discrepancy to large-scale government projects executed outside the official budget process.

He argued that such spending allegedly bypasses constitutional oversight mechanisms, including the National Assembly, the Auditor-General of the Federation and Nigeria's procurement laws.

According to him, operating major infrastructure projects outside the approved budget framework creates what he described as a "parallel fiscal system" beyond public accountability.

Links Allegations to Lagos Revenue Model

The former vice president further alleged that the reported off-budget spending reflects a continuation of what he described as the fiscal model that operated in Lagos State during Tinubu's tenure as governor.

He referenced the controversial Alpha Beta revenue collection arrangement, alleging that significant portions of internally generated revenue were diverted before reaching official government accounts.

Atiku claimed that the IMF findings suggest that a similar pattern has now been replicated at the federal level, although he did not present additional evidence beyond the IMF report and his own allegations.

Raises Concern Over ₦800 Billion State Allocation Deductions

Beyond the alleged ₦8.8 trillion in unrecorded expenditure, Atiku also accused the Federal Government of unlawfully deducting ₦800 billion from statutory allocations due to state governments.

He alleged that the funds were withheld without legislative approval, court authorization or constitutional backing.

According to him, the combined figures point to the creation of what he described as a massive political war chest ahead of the 2027 general elections.

Criticises Economic Policies

The former vice president also criticised the administration's economic reforms, including the removal of fuel subsidy, exchange rate reforms and rising interest rates.

He argued that while Nigerians have endured severe economic hardship on the grounds that government resources were limited, the reported off-budget expenditure raises serious questions about fiscal transparency.

Atiku maintained that the funds, if openly appropriated and invested in productive sectors, could have supported economic growth, job creation and exchange rate stability.

He also referenced his proposed economic recovery plan during the 2023 presidential election, saying the alleged ₦8.8 trillion could have significantly financed such interventions.

Demands Six Immediate Actions

Atiku called for urgent action by relevant institutions, including:

Emergency investigative hearings by the National Assembly into the IMF findings.

A comprehensive audit of all alleged off-budget expenditures by the Auditor-General of the Federation.

Full disclosure by the Federal Government of all projects and expenditures allegedly carried out outside the approved budget.

Immediate refund and accounting of the alleged ₦800 billion deducted from state allocations.

Investigations by the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other anti-corruption agencies.

Strong engagement by civil society organisations, professional bodies and the international community.

Calls for Transparency

Concluding his statement, Atiku said governments that spend public funds outside transparent legal processes undermine democratic accountability.

He urged Nigerians, lawmakers and oversight institutions not to ignore what he described as the IMF's findings, insisting that every naira of public expenditure must be fully accounted for.

Editor's Note: The claims contained in this statement are allegations made by former Vice President Atiku Abubakar. The Federal Government has not responded to these specific allegations in the statement reproduced above. The IMF report referenced discusses off-budget spending, but the interpretation and conclusions presented remain those of the former vice president.