IMF reveals N8.8 trillion unrecorded Nigerian spending; politicians claim election funding, officials cite accounting gap
The IMF's Nigeria Resident Representative Christian Ebeke disclosed Wednesday that approximately ₦8.8 trillion (about 2% of Nigeria's $318.84 billion GDP at N1,380/$) in public spending was omitted from official budgets, making the fiscal deficit appear smaller than actual borrowing needs. This figure exceeds the combined N5.41 trillion defense and N2.48 trillion health allocations in the 2026 budget. Politicians including Atiku Abubakar and Omoyele Sowore allege the unreported funds finance Tinubu's 2027 re-election campaign, calling it 'fiscal impunity' and an 'organized looting operation.' However, financial commentator Enitan Bello and social commentator Ayoku caution that the IMF described this as a statistical discrepancy from projects executed outside budget frameworks—not proof of stolen funds—and urged evidence-based accountability. The controversy follows recent scrutiny over the Presidential Foreign Intervention Promotion Council (PFIPC), which the Presidency denies exists despite receiving N1.3 billion in the 2026 budget. The IMF notes the government is reviewing budget laws to capture these expenditures, but updated implementation reports are pending. With food inflation straining households and election tensions rising, Nigerians should distinguish between unverified political claims and the IMF's technical assessment while demanding transparent fiscal reporting as the 2027 polls approach.