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IMF: Tinubu’s govt dismisses report on alleged missing N8trn
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The Federal Government has rubbished claims that over ₦8 trillion was spent outside the 2025 budget, insisting that all public expenditures were made within Nigeria’s constitutional and legal framework.
In a statement issued on Sunday by Taiwo Oyedele, Minister of Finance, the government said reports alleging that about two percent of Nigeria’s Gross Domestic Product, GDP, estimated at over ₦8 trillion, was spent outside the approved budget were based on a misrepresentation of the International Monetary Fund’s, IMF, 2026 Article IV Consultation Report.
The ministry maintained that the Federal Government does not operate a “shadow budget” or spend public funds without legislative approval.
It explained that under Sections 80 to 83 and 162 of the 1999 Constitution, all public funds can only be withdrawn and spent in accordance with the Constitution and laws passed by the National Assembly. According to the ministry, government expenditure is undertaken through duly enacted Appropriation Acts, Supplementary Appropriation Acts and other statutory authorisations.
The ministry added that multi-year capital projects are implemented under existing laws and approved capital rollovers where applicable, stressing that such projects should not be interpreted as spending outside the budget.
It further argued that allegations of secret spending lacked evidence, saying anyone making such claims should identify specific projects allegedly executed without appropriation or legal authority.
“It is inaccurate to suggest that trillions of naira have been secretly spent outside legislative approval. Such allegations should have identified the specific projects purportedly executed without appropriation or legal authority and present credible evidence in support of the claim. To be meaningful, assertions of this magnitude must be supported by verifiable facts rather than conjecture,” Oyedele said.
The ministry also clarified that Nigeria’s public finance system includes statutory transfers, first-line charges and intervention mechanisms established by Acts of the National Assembly. These include statutory allocations to development commissions and agencies, revenue collection costs retained by designated agencies, separate capital budgets for some agencies and the Federal Capital Territory, special interventions for national priorities such as security and infrastructure, as well as debt servicing obligations.
According to the ministry, these expenditures are lawful, publicly disclosed and subject to oversight, audit and accountability mechanisms, although their presentation in fiscal reports may differ from their appearance in the annual Appropriation Act due to international reporting standards.
The government also rejected suggestions that the reported ₦8 trillion represented an increase in the country’s fiscal deficit, explaining that fiscal deficits are determined by the relationship between total government revenue and expenditure rather than the financing mechanism used for approved projects.
It stated that the IMF’s observations were primarily about the comprehensiveness, timing and presentation of fiscal reporting rather than the legality of government spending.
The ministry noted that President Bola Tinubu had already asked the National Assembly to harmonise multiple and overlapping budgets into a single framework while presenting the 2026 Appropriation Bill on December 19, 2025.
It added that the administration remained committed to prudent fiscal management, transparency and accountability, citing ongoing reforms in budget credibility, revenue administration, digitalisation of government financial processes and treasury management.
The statement urged Nigerians to base public debate on verified facts and an accurate understanding of the country’s fiscal framework, warning against misrepresenting technical observations as evidence of unlawful expenditure.
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Photo news: Gov Fubara performs groundbreaking/ foundation laying ceremony of Riven Medical Industries Project at Rumuosi, Port Harcourt
L-R: Managing Director, Enbay Pharmaceutical Industries Ltd, Mr Eniye Oweifie; Chairman, Obio-Akpor LGA, Dr Gift Worlu; Director Medical Services/Ag. Permanent Secretary, Rivers State Ministry of Health, Dr Vincent Wachukwu; Governor of Rivers State, His Excellency, Sir Siminalayi Fubara and Deputy Governor, Rivers State, Prof Ngozi Odu, during the groundbreaking/ foundation laying ceremony of the Riven Medical Industries Project at Rumuosi, Port Harcourt last Wednesday.


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FG honours outgoing IMF Resident Rep, reaffirms strategic partnership with body
The Federal Government has reaffirmed its commitment to deepening its longstanding partnership with the International Monetary Fund (IMF), while paying tribute to the Fund’s outgoing Resident Representative in Nigeria, Dr. Christian Ebeke, for his significant contributions to the country’s economic reform efforts.
The commitment was reaffirmed at a farewell dinner held in Abuja in honour of Dr. Ebeke, where the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, described him as a trusted partner whose professionalism, technical depth and constructive engagement helped strengthen cooperation between Nigeria and the IMF during a critical period of economic transition.
The Minister noted that Dr. Ebeke’s tenure coincided with the implementation of far reaching reforms aimed at restoring macroeconomic stability, strengthening public finances, improving investor confidence and laying the foundation for sustainable economic growth. He said throughout that period, the outgoing IMF Resident Representative remained closely engaged with Nigerian authorities, providing valuable technical support while demonstrating a deep appreciation of the country’s unique economic realities.
According to the Minister, Dr. Ebeke made significant contributions to policy discussions on fiscal reforms, domestic revenue mobilisation, public debt management, foreign exchange reforms and other strategic priorities of government. He added that his commitment to dialogue, mutual respect and practical problem solving further strengthened the longstanding relationship between Nigeria and the IMF.
Mr. Oyedele observed that beyond his professional responsibilities, Dr. Ebeke distinguished himself through his humility, accessibility and ability to build confidence across institutions. Rather than prescribing solutions from a distance, he engaged stakeholders with openness, listened carefully to differing perspectives and worked collaboratively in support of Nigeria’s development aspirations.
The Minister thanked Dr. Ebeke for his friendship, dedication and invaluable service to Nigeria, noting that the relationships built during his assignment would continue to strengthen cooperation between the Federal Government and the International Monetary Fund. He wished him and his family continued success, good health and fulfilment as he proceeds to his next assignment.
The Director, Internationl EconomicsRelations Department (IER) Stanley George, said Dr. Ebeke’s tenure would be remembered for its professionalism, constructive engagement and steadfast support for Nigeria’s economic reform efforts. He noted that the partnership between Nigeria and the IMF had grown stronger through sustained dialogue, mutual respect and shared commitment to the country’s economic progress, adding that Dr. Ebeke’s contributions would leave a lasting impact on the relationship between both institutions.
In a goodwill message, the Governor of the Central Bank of Nigeria, Mr. Yemi Cardoso, said Dr. Ebeke’s tenure coincided with a defining period in Nigeria’s economic reform journey, during which the Federal Government and the Central Bank implemented bold policy measures to restore macroeconomic stability, strengthen policy credibility, improve market confidence and lay a firmer foundation for sustainable growth. He commended the outgoing IMF Resident Representative for promoting constructive dialogue, facilitating technical cooperation and bringing professionalism, objectivity and a practical understanding of Nigeria’s economic realities to every engagement. The Governor expressed confidence that the strong collaboration between Nigeria and the IMF would continue under Dr. Ebeke’s successor.
Responding to the tributes, Dr. Christian Ebeke described his three year assignment in Nigeria as both a privilege and a professionally enriching experience. He said serving as the IMF Resident Representative gave him the opportunity to engage with government officials, development partners, the private sector, academia and other stakeholders committed to Nigeria’s economic development, describing the experience as one he would always cherish.
Dr. Ebeke said he would leave Nigeria with profound admiration for the resilience, talent and entrepreneurial spirit of its people. He expressed confidence that, with sustained reforms, sound economic policies and continued collaboration among stakeholders, Nigeria is well positioned to achieve inclusive and durable economic growth.
He expressed appreciation to the Federal Government, the Honourable Minister of Finance and Coordinating Minister of the Economy, the Governor of the Central Bank of Nigeria, officials across government institutions, development partners, members of the media and his colleagues at the International Monetary Fund for their friendship, cooperation and support throughout his assignment. He added that the cordial relationship between the IMF and Nigerian authorities had further strengthened the longstanding partnership dedicated to advancing the country’s reform agenda and sustainable development.
Reflecting on his time in Nigeria, Dr. Ebeke said the relationships he built and the memories he created would remain with him long after his departure, adding that he looked forward to following Nigeria’s progress and remaining a friend of the country in the years ahead.
The farewell dinner was attended by top government officials, including the Director General of the Debt Management Office, Mrs. Patience Oniha; the Statistician General of the Federation, Prince Adeyemi Adeniran; chief executives of government agencies; representatives of development partners and the diplomatic community; senior officials of the Federal Ministry of Finance; and other distinguished guests, all of whom joined in celebrating Dr. Ebeke’s remarkable service and enduring contribution to Nigeria’s economic reform journey.
The evening concluded with renewed appreciation for the enduring partnership between Nigeria and the International Monetary Fund and a shared commitment to sustaining the collaboration that has supported the country’s ongoing fiscal and macroeconomic reforms. Guests also wished Dr. Ebeke and his family continued success and fulfilment as he embarks on his next assignment.
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‘One of my outstanding ministers’ – Tinubu hails Umahi at 63
President Bola Tinubu has felicitated the Minister of Works, David Umahi, on the occasion of his 63rd birthday, praising his dedication to delivering lasting infrastructure projects across Nigeria.
Before joining Tinubu’s cabinet, Umahi, born on July 25, 1963, represented Ebonyi South in the Senate after completing two consecutive terms as governor of Ebonyi State between 2015 and 2023.
In a statement released on Saturday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu described the works minister as “one of my outstanding, hardworking ministers.”
The president applauded Umahi’s commitment to his responsibilities, noting that the minister is focused on constructing durable roads and bridges capable of serving Nigerians for generations.
According to the statement, Tinubu commended Umahi for his “passion, dedication to duty, and deep sense of patriotism.”
He also encouraged the minister to sustain the momentum in road construction, rehabilitation and project delivery in line with his administration’s vision of improving the quality of life for Nigerians while stimulating economic growth.
“As a minister, he does not just sit in his office or rely on reports from subordinates; he is constantly on the road, personally monitoring construction work nationwide to ensure compliance with specifications and approvals,” Tinubu said.
The president extended his best wishes to Umahi and his family, praying for continued good health and renewed strength as he remains in public service.
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