By Muhammad A. Abubakar The 2027 presidential candidate of the African Democratic Congress (ADC), , has called for an immediat...
By Muhammad A. Abubakar
The 2027 presidential candidate of the African Democratic Congress (ADC), , has called for an immediate investigation into what he described as "the most consequential act of fiscal impunity in Nigeria's recent democratic history," following an International Monetary Fund (IMF) report which he said indicated that about two per cent of Nigeria's Gross Domestic Product (GDP) was spent outside the country's official budget framework.
In a statement issued on Saturday, Atiku said the IMF's latest Article IV consultation, reportedly published by Reuters on July 1, 2026, suggested that the administration failed to record public expenditures equivalent to approximately ₦8.8 trillion in recent federal budgets.
According to the former Vice President, the reported expenditure was "unaccounted for, unaudited and hidden from the Nigerian people," alleging that the funds were spent outside the statutory budgetary process and beyond the oversight of the National Assembly and the Auditor-General of the Federation.
Atiku argued that the IMF's findings pointed to what he described as a pattern of large-scale government projects executed outside the formal budget process. He alleged that the administration had created "a parallel fiscal universe" in which multi-trillion naira public projects were implemented without constitutional oversight.
Drawing parallels with what he described as the "Alpha Beta arrangement" during Tinubu's tenure as Governor of Lagos State, Atiku alleged that the same fiscal model had now been replicated at the federal level, resulting in what he called a "shadow economy."
The ADC presidential candidate also alleged that about ₦800 billion had been unlawfully deducted from the statutory allocations due to state governments without legislative approval or judicial authorisation. He claimed the deductions, alongside the alleged ₦8.8 trillion in off-budget spending, suggested the creation of a political war chest ahead of the 2027 general elections.
He further linked the alleged off-budget spending to the recent controversy surrounding the reported ₦1.3 billion allocation in the 2026 Appropriation Act for the Presidential Foreign Intervention Promotion Council, an agency whose existence had been questioned publicly.
According to Atiku, while Nigerians were enduring economic hardship occasioned by subsidy removal, currency depreciation, rising inflation and high interest rates, the government allegedly maintained access to substantial public funds outside official budgetary oversight.
He argued that, had the funds been transparently appropriated and invested in productive sectors of the economy, they could have supported economic growth, strengthened the naira, reduced borrowing costs for businesses and created employment opportunities.
The former Vice President therefore called on the National Assembly to convene emergency investigative hearings into the IMF's reported findings and urged the Auditor-General of the Federation to conduct an independent audit of all off-budget expenditures referenced in the IMF's Article IV consultation.
He also demanded that the Federal Government publish a comprehensive account of all funds allegedly spent outside the national budget, including details of the projects executed, contractors engaged, procurement processes followed and officials responsible for authorising the expenditures.
In addition, Atiku called for the immediate refund of the alleged ₦800 billion deducted from state governments' statutory allocations and urged the , the and other anti-corruption agencies to launch independent investigations into both the alleged off-budget expenditures and the deductions from state allocations.
He also appealed to civil society organisations, the media, professional bodies, the business community and international development partners to press for accountability over the issues raised.
"The evidence is on the record. The figures are not in dispute. The only question now is whether Nigerians and democratic institutions will demand accountability," Atiku said.
The Federal Government had not issued an official response to Atiku's allegations as of the time of filing this report.
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