Obi calls for transparency regarding IMF's alleged ₦8.83tn in unrecorded expenditures

National Democratic Party presidential candidate Peter Obi has leveled allegations of deep-seated corruption against the administration of President Bola Tinubu, referencing a recent International Monetary Fund report on Nigeria's public finances.

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In a Sunday post on X, Obi claimed that approximately ₦8.83 trillion in government spending for 2025 was not accounted for in the national budget, labeling this discrepancy as a clear example of "grand corruption".

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A report from the IMF consultation has raised concerns about the extent of corruption under the Tinubu government, with the IMF revealing that about ₦8.83 trillion in 2025 expenditure is not reflected in the budget.

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This un-budgeted expenditure falls outside the scope of legislative oversight and administrative scrutiny, a situation Obi described as "horrible".

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According to Obi, the unaccounted ₦8.83 trillion represents about 2% of Nigeria's Gross Domestic Product and exceeds 35% of the 2025 capital budget.

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This amount also surpasses the combined federal allocations for the education and health sectors, with Obi noting it is more than the entire budget for education (₦3.52 trillion) and health (₦2.38 trillion) combined.

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Obi argued that if properly utilized and accounted for, this amount could significantly transform Nigeria's public health and education sectors.

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The reported spending, Obi claimed, reflects a pattern of financial mismanagement under the current administration, stating "this is not an isolated incident, this is a pattern of grand corruption that has become part of this administration".

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Obi reiterated his call for President Tinubu to step down, citing the need for him to resign due to the pervasive corruption and lack of commitment to the welfare and security of Nigerian citizens.

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Obi also urged Nigerians to demand greater accountability from the government, emphasizing the need for transparency in light of the daily revelations of corruption.

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The IMF's disclosure that Nigeria had unreported public spending equivalent to about 2% of GDP, which obscured the country's true financing needs and made the fiscal deficit appear smaller, prompted Obi's comments.

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IMF Resident Representative in Nigeria, Christian Ebeke, stated that "about two per cent of GDP of expenditure that were not reported" should be recorded to eliminate statistical discrepancies.

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The unreported expenditure is linked to major government infrastructure projects executed outside the formal budget framework, a practice that complicates fiscal and monetary policy coordination and weakens oversight and transparency.

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The IMF warned that this practice also obscures the true size of Nigeria's fiscal deficit, but noted that the Federal Government has begun taking corrective measures, including revising budget laws to capture such expenditures.