The Federal Government has denied reports that it spent over N8 trillion outside the approved budget, describing the claim as false and a misinterpretation of the International Monetary Fund’s (IMF) 2026 Article IV Consultation Report.
In a statement on Sunday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the government does not operate a “shadow budget” or spend public funds outside legal frameworks.
He explained that all government spending is carried out through appropriation acts, supplementary appropriation acts, and other approvals by the National Assembly, in line with provisions of the 1999 Constitution.
Oyedele noted that reports suggesting about two percent of Nigeria’s Gross Domestic Product was spent outside the budget could mislead the public and create a false impression of poor financial management.
He clarified that multi-year capital projects, which span several budget cycles, are implemented under existing laws and should not be mistaken for unapproved spending.
The minister also dismissed claims of secret expenditure, stating that no evidence had been provided to show any project executed without legislative approval.
According to him, Nigeria’s public finance system includes statutory transfers, first-line charges, and intervention funds approved by law, covering areas such as security, infrastructure, and debt servicing. These expenditures, he said, are lawful, transparent, and subject to audit.
Oyedele further explained that the IMF’s observation focused on issues of fiscal reporting and presentation, not illegal spending.
He added that the government is already implementing reforms to improve budget transparency and align reporting with international standards.
Reaffirming the administration’s commitment to accountability, Oyedele said ongoing reforms have strengthened revenue collection, treasury management, and financial processes.
He urged the public to rely on accurate information, warning that misinterpretation of technical reports could distort public understanding and weaken informed debate.
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