Atiku Alleges ₦8.8tn Secret Spending, Demands Emergency Probe of Tinubu Government

 

By Abdulahi Musa 

Former Vice President of Nigeria and African Democratic Congress (ADC) presidential candidate for the 2027 general election, Atiku Abubakar, has accused the administration of President Bola Tinubu of operating what he described as a "shadow treasury," following a report by the International Monetary Fund (IMF) on Nigeria's fiscal operations.

In a statement released on Saturday, Atiku said an IMF Article IV consultation, reportedly published by Reuters on July 1, 2026, indicated that government expenditures equivalent to about two per cent of Nigeria's Gross Domestic Product were not captured in recent federal budgets. According to him, this amounts to approximately ₦8.8 trillion spent outside the official budgetary framework.

The former vice president described the development as one of the most serious allegations of fiscal misconduct in Nigeria's democratic history, urging the National Assembly, civil society organisations, the media, and other democratic institutions to immediately investigate the claims.

According to Atiku, the IMF report suggested that several large government projects were executed outside the approved budget process, thereby bypassing legislative oversight, procurement regulations, and independent auditing.

He further alleged that the Tinubu administration had created a parallel financial system where public funds were expended without adequate transparency or accountability, arguing that such practices undermine constitutional governance.

Drawing comparisons with the fiscal management of Lagos State during President Tinubu's tenure as governor, Atiku claimed that similar off-budget financial arrangements had now been replicated at the federal level, resulting in what he called a "shadow economy."

The ADC presidential candidate also alleged that about ₦800 billion was unlawfully deducted from statutory allocations due to state governments without constitutional approval. He claimed the funds were diverted without authorisation from the National Assembly or any court order.

According to him, the alleged ₦800 billion deductions, when combined with the reported ₦8.8 trillion in unrecorded expenditures, raise concerns about the possible creation of a political war chest ahead of the 2027 general elections.

Atiku also linked the allegations to the recent controversy surrounding the reported ₦1.3 billion allocation to the Presidential Foreign Intervention Promotion Council, an agency he said the Federal Government later admitted did not exist.

He criticised the Tinubu administration's economic reforms, arguing that while Nigerians have endured fuel subsidy removal, currency depreciation, high inflation, elevated interest rates, and rising unemployment, government officials allegedly maintained access to substantial public funds outside official scrutiny.

The former vice president maintained that the economic hardship currently experienced by Nigerians was not inevitable but resulted from poor fiscal management and a lack of transparency.

To address the situation, Atiku called for an emergency investigation by the National Assembly into the IMF's findings. He also demanded an independent audit by the Auditor-General of the Federation covering all alleged off-budget expenditures.

Additionally, he urged the Federal Government to publish a comprehensive account of every naira reportedly spent outside the national budget, including details of the projects, contractors, procurement processes, and officials responsible for approving the expenditures.

He further demanded the immediate refund of the alleged ₦800 billion deducted from state allocations and called on anti-corruption agencies, including the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), to launch independent investigations into the allegations.

Atiku also appealed to civil society organisations, the business community, development partners, and international financial institutions to ensure the issues raised receive thorough scrutiny.

He concluded by insisting that transparency and accountability remain essential to democratic governance, saying Nigerians deserve full disclosure on the management of public resources.

The Federal Government had not officially responded to Atiku's allegations at the time of filing this report.