Nigeria Finance Minister Refutes ₦8 trillion Shadow‑Budget Allegations

Nigeria’s Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, rejected claims that the federal government spent more than ₦8 trillion – about two percent of GDP – outside the approved 2026/2025 budget. In a statement he said, “For the avoidance of doubt, the Federal Government does not operate a ‘shadow budget’ and all expenditures are made within the constitutional and legislative framework.” The minister explained that the figure cited by media stems from differences in fiscal reporting standards and the inclusion of statutory transfers, capital roll‑overs, debt‑service obligations and other legally authorised outlays, not from illegal or off‑budget spending. He added that the International Monetary Fund’s 2026 Article IV Consultation focused on the comprehensiveness, timing and presentation of Nigeria’s fiscal reports, not on the legality of the expenditures.

Opposition politicians, including former vice‑president Atiku Abubakar and former Labour Party presidential candidate Peter Obi, have accused the Tinubu administration of maintaining a hidden “shadow treasury” of roughly ₦8.8 trillion and using it to fund a 2027 election war chest. They called for parliamentary hearings, audits by the Auditor‑General and investigations by anti‑corruption agencies. The government, however, maintains that all spending is recorded, audited and subject to oversight, and that any alleged off‑budget amounts are a misinterpretation of IMF observations.