Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has accused the administration of President Bola Ahmed Tinubu of operating a “shadow treasury” after citing findings from a recent International Monetary Fund report indicating that public expenditures equivalent to about two per cent of Nigeria’s Gross Domestic Product were not recorded in official budget documents.
In a statement issued on Saturday in Abuja, Atiku claimed the unrecorded spending amounted to approximately ₦8.8 trillion, describing it as one of the most serious cases of fiscal opacity in Nigeria’s democratic history. He alleged that the funds were spent outside the country’s statutory budget process and beyond the oversight of the National Assembly and the Auditor-General.
Referring to the IMF’s latest Article IV consultation, Atiku argued that the unrecorded expenditures were linked to large government projects allegedly executed outside the official budget framework. He further alleged that the administration had created a parallel fiscal system that bypassed constitutional accountability and procurement regulations.
The former vice president also alleged that ₦800 billion had been unlawfully deducted from statutory allocations due to state governments without legislative approval or constitutional backing. According to him, the alleged deductions, alongside the reported off-budget expenditures, suggested the creation of a political war chest ahead of the 2027 general elections.
Atiku further criticised the Federal Government’s economic policies, including the removal of fuel subsidy, exchange rate reforms and rising interest rates, arguing that Nigerians had been subjected to severe economic hardship while large sums of public money were allegedly spent outside official records.
He also referenced the recent controversy surrounding the inclusion of ₦1.3 billion in the 2026 budget for the Presidential Foreign Intervention Promotion Council, an agency the government later acknowledged did not exist, claiming it reflected broader concerns about transparency in public spending.
The ADC presidential candidate called for urgent intervention by key institutions, demanding that the National Assembly immediately investigate the IMF’s findings and that the Auditor-General conduct a comprehensive audit of all off-budget expenditures.
He also urged the Federal Government to publicly disclose details of every naira allegedly spent outside the approved budget, restore the ₦800 billion deducted from state allocations, and allow anti-corruption agencies, including the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offences Commission, to independently investigate the allegations.
Atiku called on civil society organisations, the business community, the media and international partners to press for accountability, insisting that transparency in public finance remains essential to Nigeria’s democratic and economic future.
The Federal Government had not responded to Atiku’s allegations at the time of filing this report. The IMF report referenced by the former vice president has also not publicly accused the Nigerian government of corruption or election-related financing, though it reportedly noted concerns regarding the recording and transparency of certain public expenditures.
