Former Vice President Atiku Abubakar has called for an urgent investigation into the alleged N8.8 trillion in unrecorded federal government expenditure, accusing the administration of President Bola Tinubu of operating a “shadow treasury” outside the country’s constitutional budgetary framework.
A recent report by the International Monetary Fund (IMF) showed that public expenditures equivalent to about two per cent of Nigeria’s Gross Domestic Product (GDP) were not captured in recent official budgets.
Reacting via a statement on Saturday, July 4, 2026, Atiku said the figure translates to about N8.8 trillion based on the country’s estimated GDP of N441.5 trillion.
The African Democratic Congress (ADC) 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, and the National Assembly to demand accountability.
Atiku alleged that the reported discrepancy stemmed from large-scale government projects executed outside the official budget, claiming such expenditures were beyond the scrutiny of the Auditor-General, procurement laws and legislative oversight.
He further alleged that the practice mirrored what he described as an off-budget revenue management model allegedly operated during President Tinubu’s tenure as governor of Lagos State.
The former vice president also accused the federal government of unlawfully deducting about N800 billion from statutory allocations due to state governments, alleging that the funds were diverted without constitutional backing.
According to him, the alleged off-budget expenditures and deductions from state allocations point to the creation of a political war chest ahead of the 2027 general elections.
Atiku also linked the allegations to the recent controversy surrounding the reported N1.3 billion budgetary provision for the Presidential Foreign Intervention Promotion Council, an agency whose existence has been questioned.
Atiku criticised the Tinubu administration’s economic reforms, including the removal of fuel subsidy, exchange rate reforms, and high interest rates, stating that Nigerians had been subjected to severe economic hardship while public funds were allegedly being spent outside the approved budget.
IMF: Nigeria underreported public spending by 2% of GDP
“The IMF has now exposed that narrative as a big fat lie,” Atiku said, adding that funds allegedly spent off-budget could have been deployed to stimulate the economy, support businesses and create jobs.
The former vice president demanded that the National Assembly immediately convene investigative hearings into the IMF findings and direct the Auditor-General of the Federation to conduct an independent audit of all off-budget expenditures referenced in the IMF’s Article IV consultation.
Atiku also called on the federal government to publish a comprehensive account of all expenditures made outside the official budget, including details of projects, contractors, procurement processes and approving authorities.
Atiku equally urged the government to refund the alleged N800 billion deducted from state allocations and asked anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), to launch independent investigations into the allegations.
He also called on civil society organisations, professional bodies, the business community and international partners to press for accountability.
“The evidence is on the record. The figures are not in dispute,” Atiku said, adding that Nigerians must insist on transparency in the management of public resources.
