Obi demands accountability over IMF’s ₦8.83tn off-budget spending report

Peter Obi, the presidential candidate of the National Democratic Party (NDP), has intensified his criticism of President Bola Tinubu's administration, accusing it of systemic corruption based on a report from the International Monetary Fund (IMF) regarding unaccounted public spending. According to Obi, the Nigerian government spent approximately ₦8.83 trillion in 2025 without it being included in the national budget, thereby evading legislative oversight and administrative scrutiny. He described this as "grand corruption" and emphasized that the figure represents about 2% of Nigeria’s Gross Domestic Product (GDP), surpassing 35% of the 2025 capital budget. This sum, according to Obi, is larger than the combined federal allocations to the education and health sectors, which were set at ₦3.52 trillion and ₦2.38 trillion respectively. He suggested that proper use of these funds could significantly enhance public services, particularly in healthcare and education.

Obi's allegations come after the IMF disclosed that Nigeria had failed to report public spending equivalent to around 2% of GDP in its recent official budgets. This omission has led to an inaccurate portrayal of the nation’s fiscal situation, masking the true extent of the fiscal deficit. In a statement, Christian Ebeke, the IMF’s Resident Representative in Nigeria, acknowledged the issue, stating that the unreported expenditure was associated with major infrastructure projects conducted outside the formal budget framework. Such practices, he warned, complicate fiscal and monetary policy coordination, weaken oversight and transparency, and obscure the actual size of Nigeria’s fiscal deficit.

The former Anambra State governor reiterated his longstanding criticisms of the Tinubu administration, claiming that the unaccounted spending reflects a broader pattern of financial mismanagement. He accused the government of failing to adhere to fundamental principles of public financial management, arguing that such practices threaten national stability and exacerbate poverty. Obi characterized the administration as "grossly corrupt, incompetent and insensitive," and called for greater accountability in how public resources are managed. His remarks followed a series of other criticisms against the government, including accusations of neglecting citizens' welfare and failing to deliver on campaign promises.

In response to these claims, the presidency and federal government have yet to issue a formal rebuttal. However, the IMF has indicated that the government has initiated steps to address the issue, including revising budget laws to ensure such expenditures are formally captured. The fund has also requested timely implementation reports and increased fiscal transparency. Despite these efforts, Obi remains unconvinced, urging Nigerians to demand accountability through legal and democratic channels. He has previously called for Tinubu’s resignation, citing ongoing issues of corruption and governance failures.

The controversy highlights growing public frustration with the administration’s handling of public finances and its perceived lack of transparency. As the debate continues, the implications of the unreported spending extend beyond political rhetoric, raising questions about the integrity of Nigeria’s fiscal systems and the potential impact on national development. With the upcoming elections looming, the issue of public finance management has become a central point of contention among political leaders and citizens alike. The outcome of this discourse could influence both the political landscape and the future direction of Nigeria’s economic policies.