By: Tunji Okunlola
Former Vice President Atiku Abubakar has called for an urgent investigation into alleged off-budget public spending estimated at ₦8.8 trillion, citing findings in the International Monetary Fund’s latest Article IV consultation on Nigeria.
In a statement posted on his verified Facebook page on Saturday, Atiku referenced a Reuters report published on July 1, 2026, which quoted the IMF as saying that public expenditures equivalent to about two per cent of Nigeria’s Gross Domestic Product (GDP) were not reflected in recent federal budgets.
According to the former vice president, the reported figure translates to roughly ₦8.8 trillion allegedly spent outside the country’s legally approved budgetary framework.
He described the development as a serious breach of fiscal accountability and urged Nigerians, the media, civil society organisations, the National Assembly and other democratic institutions to demand full disclosure and accountability.
Atiku alleged that the expenditures stemmed from major government projects carried out outside the approved budget process, arguing that such spending may have bypassed legislative oversight, procurement requirements and scrutiny by the Office of the Auditor-General.
He further claimed that the alleged off-budget spending model resembled a revenue management arrangement previously used in Lagos State and had now been extended to the federal level.
The former presidential candidate also alleged that approximately ₦800 billion was deducted from statutory allocations meant for state governments without constitutional or legislative authorisation.
According to him, the combined value of the alleged off-budget expenditures and deductions from state allocations raises concerns about the possible accumulation of funds ahead of the 2027 general elections.
Atiku linked the allegations to the recent controversy surrounding the Presidential Foreign Intervention Promotion Council (PFIPC), arguing that both issues point to what he described as a pattern of insufficient transparency in public financial management.
He maintained that while Nigerians have endured economic reforms such as fuel subsidy removal, foreign exchange adjustments and high interest rates, substantial public funds were allegedly being expended outside established budgetary procedures.
The former vice president argued that greater transparency in public finance could have helped stimulate economic growth, support businesses, generate employment and strengthen economic stability.
He called on the National Assembly to immediately launch investigative hearings into the IMF findings and urged the Auditor-General of the Federation to conduct a comprehensive audit of all alleged off-budget expenditures.
Atiku also demanded that the Federal Government publish details of projects reportedly executed outside approved budgets, including information on contractors, procurement procedures and officials responsible for authorising the expenditures.
He further urged anti-corruption agencies, including the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission, to investigate the allegations, and called on the Federal Government to account for the alleged ₦800 billion deducted from state allocations, restoring the funds where necessary.
Atiku also appealed to civil society groups, professional associations, the private sector and international development partners to continue advocating for transparency, accountability and prudent management of public resources.
Tags: #Atiku Abubakar #IMF #EFCC #FGN