News
FG Denies Spending ₦8 Trillion Outside Budget, Says “IMF Report Misrepresented”
FG Denies Spending ₦8 Trillion Outside Budget, Says “IMF Report Misrepresented”
The Federal Government has dismissed claims that it spent more than ₦8 trillion outside the 2026 budget, describing the reports as inaccurate and a misrepresentation of the International Monetary Fund’s 2026 Article IV Consultation Report.
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The government said the allegations, which referenced comments attributed to the IMF Representative in Nigeria and the Fund’s report, wrongly suggested that about two per cent of Nigeria’s Gross Domestic Product was expended outside the approved budget.
This was contained in a statement issued on Sunday by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
The rebuttal comes after IMF disclosed that Nigeria left public spending equivalent to about 2% of GDP unreported in recent official budgets, obscuring the country’s true financing needs and making the fiscal deficit appear smaller than it actually was.
Speaking in Lagos, IMF Resident Representative in Nigeria, Christian Ebeke, said, “So far we think that there are about two per cent of GDP of expenditure that were not reported that should be reported and should be recorded, so that this statistical discrepancy will disappear.”
Reacting, opposition figures, including Former Vice President Atiku Abubakar and the National Democratic Party’s presidential candidate, Peter Obi, accused President Bola Tinubu’s administration of entrenched corruption and called for probe.
But Oyedele said the Federal Government does not operate a “shadow budget” or spend public funds outside the constitutional and statutory framework.
“The Federal Government has noted recent public commentary alleging that approximately two per cent of GDP amounting to over ₦8 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,” the statement said.
Oyedele explained that under Sections 80 to 83 and 162 of the 1999 Constitution, public funds could only be withdrawn and spent in accordance with the Constitution and laws enacted by the National Assembly.
He said Federal Government spending was undertaken through duly enacted Appropriation Acts, Supplementary Appropriation Acts and other statutory authorities approved by the National Assembly.
The minister added that multi-year capital projects implemented across different budget cycles and approved capital rollovers were recognised components of public financial management and should not be misconstrued as spending outside the budget.
Oyedele also clarified that statutory transfers, debt service obligations, first-line charges and intervention mechanisms established by Acts of the National Assembly formed part of Nigeria’s public finance framework.
He listed statutory allocations to development commissions, revenue collection costs retained by designated agencies, separately approved capital budgets for some agencies and the Federal Capital Territory, security and infrastructure interventions, disaster response programmes, and debt servicing obligations among expenditures authorised by law.
“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.
The minister further rejected suggestions that the reported amount represented an increase in Nigeria’s fiscal deficit.
“A fiscal deficit is determined by the relationship between total government revenues and total government expenditures. Whether a capital project is financed through annual appropriations, supplementary appropriations, statutory transfers, approved intervention mechanisms, or other lawful financing arrangements does not, by itself, increase the fiscal deficit,” he added.
He said the IMF’s observations focused on improving the comprehensiveness, timing and presentation of fiscal reporting rather than questioning the legality of government expenditure.
IMF Report Misrepresented
According to him, Tinubu had already asked the National Assembly during the presentation of the 2026 Appropriation Bill on December 19, 2025, to end the practice of operating multiple and overlapping budgets and instead adopt a single, harmonised budget framework.
Oyedele said the Federal Government remained committed to prudent fiscal management, transparency and accountability, noting that recent reforms had strengthened budget credibility, revenue administration, treasury management and the digitalisation of government financial processes.
“The Federal Government will continue to uphold the rule of law, maintain transparency in the management of public resources, and work with the National Assembly, oversight institutions, development partners and the Nigerian people to further strengthen fiscal governance in line with international best practices,” he added.
He urged members of the public to base debates on accurate facts and a proper understanding of Nigeria’s constitutional and fiscal framework, warning that misrepresenting technical observations as evidence of unlawful expenditure undermined informed public discourse.
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IGP Disu Receives (LASU) Alumni Association Delegation, Conferred With Emeritus Membership
The Inspector-General of Police, IGP Olatunji Rilwan Disu, psc(+), NPM, today, Thursday, 22nd October 2026, received a delegation of the Lagos State University (LASU) Alumni Association led by its President, Mr Morisson Quakers, SAN, at the Force Headquarters, Abuja. During the visit, the Association conferred emeritus membership on the IGP in recognition of his achievements and contributions to public service.
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Speaking on behalf of the delegation, the Association’s President commended the IGP’s leadership and commitment to people-centred policing, personnel welfare and inter-agency collaboration. He noted that the policy direction and priorities of his administration would shape the legacy of his tenure and assured him of the Association’s continued support.
The Chairman of the Association’s Board of Trustees, Mr Lekan Ogunbanwo, described the IGP as a worthy representative of the University and commended his accessibility and dedication to service.
In his remarks, the IGP expressed appreciation for the honour bestowed on him by the alumni and acknowledged the University’s contribution to his personal and professional development and the encouragement he had received from fellow alumni throughout his career.
Police
The IGP also highlighted ongoing efforts to strengthen professionalism and improve personnel welfare through institutional initiatives and partnerships. He called for greater public understanding and cooperation with police officers in the discharge of their duties, acknowledging the demands and sacrifices associated with policing.
The Inspector-General of Police thanked the Association for its goodwill and reaffirmed his commitment to sustaining ties with his alma mater while advancing the Force’s mandate to protect lives and property and serve the public.
CSP ANI INIEDU, anipr
Force Public Relations Officer
Force Headquarters, Abuja
22nd October, 2026
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Nigerian Navy, NDLEA Recover Drugs in Joint Operations, Arrest 10 Suspects in Warri
The Nigerian Navy, in collaboration with the National Drug Law Enforcement Agency (NDLEA), has arrested 10 suspects and recovered assorted substances suspected to be illicit drugs during a joint operation in the Warri general area of Delta State.
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The operation, conducted by Nigerian Navy Ship (NNS) DELTA and NDLEA from 19 to 20 October 2026, targeted locations suspected of being used for the storage, sale and distribution of illicit drugs. Items recovered included five cards of tramadol, 20 litres of Monkey Tail, 20 kilogrammes of cannabis, 10 kilogrammes of Colorado and other related exhibits.
The suspects and recovered exhibits were handed over to the NDLEA Warri Area Command for further investigation and necessary legal action.
NDLEA
The operation reflects the Nigerian Navy’s contribution to tackling drug-related criminality through intelligence-led collaboration with relevant law enforcement agencies. The Navy will continue to support coordinated efforts to disrupt illicit drug distribution networks and strengthen security within its area of responsibility.
Signed AA FOLORUNSHO
Navy Captain
Director Naval Information.
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Nigeria Customs, TMPL Test Cutting-Edge Cargo Scanners in China Ahead of Deployment
A high-powered delegation of experts from the Nigeria Customs Service (NCS) and Trade Modernisation Project Limited (TMPL) recently completed a Factory Acceptance Test (FAT) for the newly acquired Non-Intrusive Inspection (NII) equipment and Electronic Cargo Tracking System (ECTS) in China.
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The two-week exercise, led by the Deputy Comptroller-General of Customs (DCG) in charge of the Information Communication and Technology/Modernisation Department, Oluyomi Adebakin, took place from 9 to 20 October 2026 at Nuctech Company Limited’s facility in China, the manufacturer of the advanced systems. The delegation conducted comprehensive technical verification of the high-tech scanners and the Electronic Cargo Tracking System, designed to work in synergy to enhance cargo examination and real-time monitoring from port to destination.
During the test, DCG Adebakin reaffirmed Comptroller-General of Customs Adewale Adeniyi’s commitment to using technology as a catalyst for trade facilitation, revenue optimisation, and national security. She said the FAT is a crucial quality-assurance process to ensure the scanners and tracking system meet contractual specifications and global operational standards before shipment to Nigeria.
“The Nigeria Customs Service, under the leadership of CGC Adeniyi, is committed to ensuring that we deploy only cutting-edge, fit-for-purpose technology that will fast-track cargo examination, reduce dwell time, and enhance our ability to detect concealments and prohibited items, improve revenue generation, as well as facilitate legitimate trade”, CG Adebakin said.
For his part, the Acting Comptroller, Non-Intrusive Inspection (NII), Deputy Comptroller of Customs Umar Madugu, noted that deploying the new scanners and ECTS will significantly reduce the need for 100% physical examination, minimise human contact, curb cargo diversion, and improve efficiency across Customs formations.
Speaking on behalf of Trade Modernisation Project Limited, the company’s General Manager, Bamidele Chinedu, described the FAT as a milestone in implementing the TMP, stressing that integrating NII scanners and the Electronic Cargo Tracking System is central to achieving a transparent, technology-driven Customs system.
TMPL
Also speaking, Niu Chao, Project Manager, Nuctech Company Limited, China, expressed the company’s commitment to delivering world-class equipment, technical support, capacity building, and after-sales services.
During the exercise, technical experts from both NCS and TMPL were also trained to handle, operate, and maintain the scanners and the ECTS to ensure seamless deployment and sustainability in Nigeria.
Eereporter.com
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