ABUJA, Nigeria — Nigeria‘s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, dismissed claims on Sunday that the Federal Government spent over 8 trillion Naira (USD 5.84 billion), representing roughly two per cent of the country’s Gross Domestic Product, outside its approved budget.
Golden Info reports that Oyedele issued a statement calling the allegations a misrepresentation of the 2026 Article IV Consultation Report by the International Monetary Fund. “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.
The minister stated that multi-year capital projects spanning several budget cycles are implemented under existing laws and approved capital rollover provisions established by the National Assembly. He said those making the claims failed to identify any specific project executed without appropriation or provide evidence of unlawful spending.
The public finance system includes statutory transfers, first-line charges, and intervention mechanisms created by legislative acts. Oyedele said these mechanisms cover allocations to development commissions, retained collection costs by revenue agencies, and special interventions for security and disaster response.
Oyedele noted that differences in presentation under international reporting standards do not indicate illegal spending, adding that the financing method for approved projects does not automatically widen the fiscal deficit. He said the observation from the International Monetary Fund focused on the comprehensiveness, timing, and presentation of fiscal reporting rather than the legality of expenditures.
President Bola Ahmed Tinubu previously requested lawmakers on December 19, 2025, to harmonise multiple budgets into a single cohesive framework. “Mischaracterising technical observations as evidence of unlawful expenditure neither advances informed public discourse nor strengthens democratic accountability,” Oyedele said.