FG Rejects IMF’s ₦8tn Shadow Budget Allegations, Clarifies Spending Rules

The Federal Ministry of Finance has dismissed recent IMF claims that over ₦8 trillion was spent outside the approved budget as incorrect and misleading. Under the Constitution and relevant laws, all federal expenditures follow duly enacted Appropriation Acts, Supplementary Appropriations and statutory transfers. Multi-year capital projects use approved rollovers and lawful intervention mechanisms, none of which constitute secret spending. The IMF’s observation pertains to the timing and presentation of fiscal reports rather than the legality of expenditure. Nigeria is aligning its budget framework with international standards after President Tinubu requested harmonisation of multi-year budgets into a single framework. The government remains committed to transparency, accountability and prudent fiscal management. Recent reforms in budget credibility, digitalisation and treasury processes have received recognition from multilateral institutions and credit rating agencies.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.