TDFormer Vice President Atiku Abubakar has launched a scathing attack on President Bola Ahmed Tinubu’s administration, alleging that it operated a massive ₦8.8 trillion off-budget spending programme and calling for an urgent investigation by the National Assembly and anti-corruption agencies.
In a strongly worded statement issued on Saturday, Atiku cited findings from the International Monetary Fund (IMF)’s latest Article IV consultation, reported by Reuters on July 1, claiming that public expenditures equivalent to about 2 percent of Nigeria’s Gross Domestic Product (GDP) were not captured in recent federal budgets.
According to the former vice president, with Nigeria’s economy valued at about ₦441.5 trillion, the unrecorded expenditure amounts to approximately ₦8.8 trillion.
Atiku described the development as “the most consequential act of fiscal impunity in Nigeria’s recent democratic history”.
He alleged that the Tinubu administration had executed major government projects outside the statutory budget process and beyond legislative oversight.
“The Tinubu administration is awarding multi-trillion naira contracts, moving massive public capital, and commissioning infrastructure projects entirely beyond the reach of the Auditor-General, the nation’s procurement laws, and the legitimate oversight of the National Assembly,” he said.
The former vice president further alleged that the reported off-budget spending mirrors what he described as the “Alpha Beta arrangement” during Tinubu’s tenure as Governor of Lagos State.
He claimed that a similar model of fiscal management had now been replicated at the federal level.
Atiku also recalled that ₦800 billion had been unlawfully deducted from allocations due to state governments, claiming the funds were diverted without constitutional or legislative approval.
He argued that the alleged off-budget expenditure and the reported deductions from state allocations could constitute a massive political fund ahead of the 2027 general elections.
The former vice president also linked the allegations to the recent controversy surrounding the proposed funding of the Presidential Foreign Intervention Promotion Council (PFIPC).
He argued that both issues reflected what he described as a broader pattern of opaque public financial management.
Atiku maintained that while Nigerians have endured economic hardship following the removal of fuel subsidy, exchange rate reforms and rising interest rates, the government allegedly maintained access to a “shadow treasury” outside public scrutiny.
He demanded immediate action, including:
- An emergency investigative hearing by the National Assembly of Nigeria.
- A comprehensive audit by the Office of the Auditor-General for the Federation.
- Full disclosure of all off-budget expenditures, projects, contractors and approvals.
- Refund of the alleged ₦800 billion deducted from state allocations.
- Investigations by the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC)
“A government that governs in secret spends in secret.
“A government that spends in secret does not govern—it plunders,” Atiku said.
The former vice president argued that the IMF’s observations lend international credibility to concerns about Nigeria’s fiscal transparency and urged civil society, the media, the business community and development partners to press for accountability.
As of the time of filing this report, the Presidency and the Federal Ministry of Finance had not publicly responded to Atiku’s latest allegations.
Presently, the IMF’s Article IV consultation discusses fiscal reporting and public financial management.
In the meantime, though, the opposition leader’s interpretation and allegations remain political claims that have yet to receive an official government response.
