FG Denies Missing N8.8trn, Says IMF Report Misrepresented

The Federal Government has dismissed claims that about N8.8 trillion in public expenditure is missing or unaccounted for, insisting that all spending was properly recorded and disclosed through official budget implementation processes.

The clarification followed reports citing the International Monetary Fund (IMF) that public expenditure equivalent to about two per cent of Nigeria’s Gross Domestic Product (GDP) was not reflected in recent national budget documents.

In a statement issued on Sunday, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, described the reports as a misrepresentation of the IMF’s observations, stressing that no public funds were missing.

“The Federal Government does not operate a shadow budget or expend public funds outside the constitutional and statutory framework established for public finance,” Oyedele said.

He explained that the expenditure in question relates largely to infrastructure projects, statutory obligations and other government programmes that were duly captured in the Budget Office’s Quarterly Budget Implementation Reports and other fiscal documents.

According to him, the IMF did not allege fraud, diversion or disappearance of public funds but recommended improvements in fiscal reporting and reconciliation to ensure that all spending records are fully harmonised.

“The suggestion that approximately two per cent of GDP, estimated at about N8.8 trillion, was spent outside the budgetary framework is inaccurate and misleading.

There are no hidden expenditures or parallel budgets being operated by the Federal Government,” the minister stated.

Oyedele noted that the perceived discrepancy arose from differences in statistical treatment and the timing of expenditure recognition across various public finance reporting systems.

He maintained that the administration of President Bola Ahmed Tinubu remains committed to transparency, accountability and adherence to international best practices in public financial management.

“We will continue to strengthen fiscal reporting, improve coordination among relevant institutions and ensure that Nigeria’s public finance data meet global standards,” he added.

The government’s response comes amid calls by opposition leaders, including former Vice President Atiku Abubakar and former Labour Party presidential candidate Peter Obi, for an investigation into the alleged unreported expenditure following the IMF’s latest assessment of Nigeria’s economy.