By| Goodluck E.Adubazi, Abuja
The presidential candidate of the African Democratic Congress (ADC) has accused the administration of President Bola Ahmed Tinubu of operating what he described as a massive “shadow budget,” following a report by the International Monetary Fund (IMF) indicating that government expenditures equivalent to about two percent of Nigeria’s Gross Domestic Product (GDP) were not reflected in recent official budgets.
In a strongly worded statement, the ADC flag bearer claimed that the reported discrepancy amounts to approximately ₦8.8 trillion in public spending allegedly carried out outside Nigeria’s statutory budget process.
Describing the development as “the most consequential act of fiscal impunity in Nigeria’s recent democratic history,” the opposition candidate called on the National Assembly, civil society organisations, the media, and anti-corruption agencies to launch urgent investigations into the matter.
According to him, the IMF’s findings suggest that major government projects were executed outside the approved federal budget, thereby bypassing legislative oversight, procurement regulations, and independent auditing.
He further alleged that the practice mirrors what he described as an “off-budget fiscal model” previously associated with Tinubu’s tenure as Governor of Lagos State, claiming it has now been replicated at the federal level.
The ADC candidate also alleged that an additional ₦800 billion was unlawfully deducted from statutory allocations due to state governments, arguing that both figures point to the creation of a political war chest ahead of the 2027 general elections.
He linked the allegations to recent controversy surrounding the reported ₦1.3 billion allocation in the 2026 budget for a presidential agency that government officials later said did not exist, describing both incidents as evidence of weak fiscal transparency.
The opposition leader criticised the Tinubu administration’s economic reforms, including the removal of fuel subsidies, exchange rate reforms, high interest rates, and increased borrowing, arguing that Nigerians were told the country’s finances were under severe strain while, according to his interpretation of the IMF report, trillions of naira were being spent outside public scrutiny.
“The poverty of Nigerian citizens today is not fate. It is policy,” he declared, maintaining that the country’s worsening economic hardship stems from a lack of transparency and accountability in public finance management.
The ADC presidential candidate demanded immediate action, including:
An emergency investigation by the National Assembly into the IMF findings;
A comprehensive audit by the Auditor-General of all off-budget expenditures;
Full public disclosure of all spending outside the approved federal budget;
The refund of the alleged ₦800 billion deducted from state allocations;
Independent investigations by the EFCC, ICPC, and other anti-corruption agencies.
He concluded by urging Nigerians to demand accountability, insisting that governments operating outside constitutional fiscal processes undermine democratic governance.
