Former Vice President Atiku Abubakar has called for an immediate investigation into what he described as alleged off-budget public expenditure amounting to about ₦8.8 trillion, following findings contained in the latest International Monetary Fund (IMF) Article IV consultation on Nigeria.
In a statement posted on his verified Facebook page on Saturday, Atiku said a Reuters report published on July 1, 2026, quoting the IMF, indicated that public expenditures equivalent to about 2 per cent of Nigeria’s Gross Domestic Product (GDP) were not captured in recent official budgets.
According to him, the alleged omission translates to approximately ₦8.8 trillion, which he claimed was spent outside Nigeria’s statutory budgetary framework.
The former presidential candidate described the development as “the most consequential act of fiscal impunity in Nigeria’s recent democratic history,” urging Nigerians, the media, civil society organisations, the National Assembly and other democratic institutions to demand accountability.
Atiku alleged that the unrecorded expenditures arose from large-scale government projects executed outside the official budget, arguing that such spending bypassed legislative oversight, procurement regulations and scrutiny by the Auditor-General.
He further claimed that the alleged practice mirrored what he described as an off-budget revenue management model previously operated in Lagos State, alleging that it had now been replicated at the federal level.
The former vice president also alleged that about ₦800 billion had been unlawfully deducted from statutory allocations due to state governments, claiming the funds were diverted without constitutional or legislative approval.
According to him, the combined value of the alleged off-budget expenditures and deductions from state allocations suggested the creation of a political war chest ahead of the 2027 general elections.
Atiku further linked the allegations to the recent controversy surrounding the Presidential Foreign Intervention Promotion Council (PFIPC), describing both issues as evidence of what he termed a pattern of fiscal opacity.
He argued that while Nigerians had been subjected to economic reforms, including fuel subsidy removal, exchange rate adjustments and high interest rates, significant public funds were allegedly being spent outside official budgetary processes.
The former vice president maintained that greater fiscal transparency could have provided resources to stimulate economic growth, support businesses, create jobs and stabilise the economy.
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.
Atiku also demanded that the Federal Government publish details of all projects executed outside the approved budget, including contractors involved, procurement processes followed and officials who authorised the spending.
He further called on the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and other anti-corruption agencies to investigate the alleged unrecorded expenditures and deductions from state allocations.
“The National Assembly must convene emergency investigative hearings on the IMF’s findings without further delay,” Atiku said.
He added that the Federal Government should restore the alleged ₦800 billion deducted from state allocations and provide a full account of how the funds were utilised.
The former vice president urged civil society groups, professional bodies, the business community and international development partners to press for greater transparency and accountability in public finance management.
