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The Federal Government has denied reports that it spent more than ₦8 trillion outside the 2026 Appropriation Act, describing the claims as a misrepresentation of the International Monetary Fund (IMF)’s 2026 Article IV Consultation Report. In a statement issued by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the government insisted it does not operate a “shadow budget” or spend public funds outside the constitutional and legal framework governing public finance in Nigeria.
Oyedele explained that all federal expenditures are authorised through constitutionally recognised mechanisms, including annual appropriation laws, supplementary budgets, statutory transfers and other legislative approvals. He said the IMF’s observations related to the presentation and completeness of Nigeria’s fiscal reporting rather than allegations of illegal or unapproved spending. According to him, suggestions that trillions of naira were secretly spent without legislative approval are inaccurate and risk misleading the public.
The clarification follows widespread reactions to remarks by an IMF official that public expenditure equivalent to about 2% of Nigeria’s Gross Domestic Product (GDP) had not been fully reflected in recent budget documents, prompting opposition figures to demand an investigation. The Federal Government maintained that it remains committed to transparency, accountability and ongoing fiscal reforms, urging Nigerians to rely on verified facts when discussing public finance and the IMF’s findings.
