FG denies spending N8tn outside budget, says claims misrepresent IMF report

By Innocent Anaba

The Federal Government has dismissed claims that it spent over N8 trillion outside the approved budget, describing the allegation as false and a misrepresentation of the 2026 Article IV Consultation Report by the International Monetary Fund, IMF.

The government said reports suggesting that about two per cent of Nigeria’s Gross Domestic Product, GDP, was expended outside the budgetary framework were capable of misleading the public and creating a wrong impression about the country’s public financial management.

In a statement on Sunday, the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, insisted that the Federal Government does not operate a “shadow budget” or spend public funds outside the constitutional and statutory framework.

According to him, Sections 80 to 83 and 162 of the 1999 Constitution (as amended) clearly stipulate that public funds can only be withdrawn and spent in line with the Constitution and laws enacted by the National Assembly.