Nigeria's Finance Minister, Taiwo Oyedele has hit back at opposition allegations of secret government spending, insisting that every federal expenditure is authorised by law and backed by the National Assembly.
The pushback came on Sunday after former Vice-President Atiku Abubakar and Nigeria Democratic Congress (NDC) presidential candidate Peter Obi called for an investigation into what they described as unreported expenditure.
Obi's call followed references to an International Monetary Fund (IMF) report suggesting that approximately two per cent of Gross Domestic Product (GDP), amounting to over N8 trillion, had been spent outside the approved budget.
Oyedele rejected the characterisation outright. "The Federal Government has noted recent public commentary alleging that approximately two per cent of GDP amounting to over N8 trillion was spent outside the approved budget based on references to the IMF Representative in Nigeria and the Fund's 2026 Article IV Consultation Report.
"These claims are incorrect and risk misleading the public regarding the government's financial management," his statement read.
The minister explained that under Sections 80 to 83 and 162 of the 1999 Constitution, public funds can only be spent in accordance with laws passed by the National Assembly, with federal expenditure executed through Appropriation Acts, Supplementary Appropriation Acts and other statutory instruments.
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He said multi-year projects and approved capital rollovers are recognised elements of public financial management, not hidden spending.
"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," he said.
Oyedele also clarified that statutory transfers, debt servicing, first-line charges, security interventions, development commission allocations and disaster response programmes are all lawful under existing Acts of the National Assembly.
"These expenditures are neither secret nor illegal. They are established by law, disclosed in various fiscal reports, and subject to applicable oversight, audit and accountability mechanisms," he stated.
On the IMF report itself, the minister said its observations were directed at improving the completeness and presentation of Nigeria's fiscal reporting, not questioning the legality of government spending.
He stated that President Bola Tinubu had already proposed a single, harmonised budget framework during the presentation of the 2026 Appropriation Bill, aimed at eliminating overlapping budgets and strengthening fiscal transparency.
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