LAGOS – The Nigerian government denied on Sunday it spent N8 trillion, or roughly 2% of GDP, outside its 2026 budget, dismissing reports as a misinterpretation of an International Monetary Fund (IMF) analysis.
Finance Minister Taiwo Oyedele stated that all government spending adheres to the 1999 Constitution and National Assembly authorizations. He rejected the reports as a fundamental misreading of the International Monetary Fund (IMF) technical data.
“It is inaccurate to suggest that trillions of naira have been secretly spent outside legislative approval,” Oyedele said in a statement. “To be meaningful, assertions of this magnitude must be supported by verifiable facts rather than conjecture”.
The debate centers on the IMF’s 2026 Article IV Consultation Report. IMF officials previously noted that certain state expenditures were not consolidated within the primary budget framework, triggering public concern.
Government officials countered that these figures represent items like statutory transfers and debt servicing. They argue these are legally sanctioned but categorized differently to align with international statistical accounting standards.
The Ministry rejected assertions that the N8 trillion gap constitutes a “shadow budget”. Officials noted that fiscal deficits are calculated based on total revenue and expenditure, irrespective of internal reporting presentation.
Nigeria faces pressure to bolster fiscal transparency amid ongoing economic restructuring. The government is currently managing a complex transition aimed at curbing debt while maintaining essential public services.
Analysts and political opponents had previously demanded an investigation into the suspected shortfall.
The rebuttal is intended to calm investor concerns regarding Nigeria’s budgetary integrity and overall management of national resources.
