FG Rejects Claims of Missing ₦8.8tn, Faults IMF Report Interpretation

By Opeyemi Adelakun

The Federal Government has dismissed reports alleging that about ₦8.8 trillion in public expenditure is missing, insisting that the claims stem from a misinterpretation of observations made by the International Monetary Fund (IMF).

In a statement issued on Sunday, the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said the Federal Government has not operated any hidden budget or spent public funds outside the legal framework governing public finance.

Oyedele explained that the expenditure referenced in reports relates to government projects, statutory commitments and other approved programmes that were properly documented in official budget implementation reports and other fiscal records.

He stressed that the IMF did not accuse Nigeria of fraud, diversion or disappearance of public funds. Rather, he said the Fund recommended improvements in fiscal reporting and reconciliation to ensure greater alignment of government financial records.

According to the minister, claims that expenditure equivalent to about two per cent of Nigeria’s Gross Domestic Product, estimated at roughly ₦8.8 trillion, was spent outside the budgetary process are misleading and do not reflect the IMF’s actual position.

He attributed the perceived discrepancy to differences in accounting methods and the timing of recording expenditure across various government financial reporting systems.

The minister reaffirmed the Tinubu administration’s commitment to transparency, accountability and prudent management of public resources, adding that efforts are ongoing to strengthen fiscal reporting and improve coordination among relevant government institutions.

He said the government remains focused on ensuring that Nigeria’s public finance management complies with international best practices while enhancing the quality and consistency of official financial data.

The clarification follows public debate over recent IMF observations on Nigeria’s fiscal reporting, with some opposition figures calling for investigations into what they described as unreported government expenditure.