Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has raised concerns over what he described as ₦8.8 trillion in unrecorded public expenditure by the Federal Government, calling for an immediate investigation into the alleged off-budget spending.
In a statement issued on Saturday in Abuja, Atiku said an International Monetary Fund (IMF) report published on July 1, 2026, indicated that public expenditures equivalent to about two per cent of Nigeria’s Gross Domestic Product (GDP) were not captured in the country’s official budget.
According to him, the amount translates to about ₦8.8 trillion, which he alleged was spent outside the statutory budgetary framework without adequate accountability or legislative oversight.
The former vice president described the development as “the most consequential act of fiscal impunity in Nigeria’s recent democratic history,” alleging that the Tinubu administration was operating a parallel fiscal system beyond the scrutiny of the National Assembly, the Auditor-General of the Federation and existing procurement laws.
Atiku further alleged that the administration had also unlawfully deducted about ₦800 billion from statutory allocations due to state governments, claiming the funds were diverted without constitutional backing.
He argued that the alleged off-budget expenditure and deductions from state allocations suggested the creation of a political war chest ahead of the 2027 general elections, an allegation for which he provided no direct evidence beyond his interpretation of the IMF report.
The former PDP presidential candidate also linked the alleged fiscal practices to what he described as a pattern established during President Bola Tinubu’s tenure as Governor of Lagos State.
Atiku maintained that the government’s economic reforms, including fuel subsidy removal, exchange rate reforms and high interest rates, had imposed severe hardship on Nigerians while, according to him, significant public funds remained outside official financial records.
He called on the National Assembly to immediately convene investigative hearings into the IMF findings and urged the Auditor-General of the Federation to conduct a comprehensive audit of all alleged off-budget expenditures.
The former vice president also demanded that the Federal Government publicly disclose all projects executed outside the approved budget, identify the contractors involved and explain the procurement processes adopted.
He further urged the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other anti-corruption agencies to launch independent investigations into the allegations.
Atiku called on civil society organisations, professional bodies, the business community and international development partners to demand greater transparency and accountability in the management of public finances.
The Federal Government had not responded to Atiku’s allegations as of the time of filing this report.
