The Federal Government has dismissed claims that it spent more than ₦8 trillion outside the approved budget, insisting that it does not operate a “shadow budget” and that all public expenditures are carried out within the framework of the Constitution and relevant laws.
In a statement issued on Sunday, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described recent public commentary suggesting that about two per cent of Nigeria’s Gross Domestic Product (GDP) was spent outside legislative approval as inaccurate and misleading.
The minister said the claims, reportedly linked to references made by the International Monetary Fund (IMF) and its 2026 Article IV Consultation Report, created a false impression about the Federal Government’s financial management practices.
“For the avoidance of doubt, the Federal Government does not operate a ‘shadow budget’ or expend public funds outside the constitutional and statutory framework established for public finance,” Mr Oyedele stated.
He explained that under Sections 80 to 83 and 162 of the 1999 Constitution, as amended, public funds may be withdrawn and spent only in accordance with constitutional provisions and laws enacted by the National Assembly.
