The International Monetary Fund (IMF) has raised concerns over Nigeria’s fiscal transparency, revealing ₦8.8 trillion in unaccounted expenditure in its 2026 Article IV Consultation report.
According to the IMF, the spending was missing from official budget documents, amounting to about 2% of Nigeria’s Gross Domestic Product.
Nigeria is currently operating three budget cycles from 2024 to 2026, totaling ₦154.25 trillion, excluding the ₦2.17 trillion appropriation in 2023.
The disclosure has sparked criticism from opposition figures, including Atiku Abubakar and Peter Obi, who questioned the whereabouts of the funds and accused the government of poor accountability.
Finance Minister Taiwo Oyedele dismissed claims of “missing” funds, insisting that all expenditures are accounted for within constitutional boundaries.
He argued that the IMF’s concerns stemmed from discrepancies in Nigeria’s reporting framework rather than actual loss of funds.
Professor Godwin Oyedokun of Lead City University told Daily Post that the issue goes beyond whether the money is missing, stressing the need for transparency, reconciliation, and accountability in government financial records.
He warned that unresolved questions could:
Weaken investor confidence
Raise borrowing costs
Erode public trust in fiscal reforms
Oyedokun urged the government to strengthen financial management systems, enhance audits, and ensure timely disclosure of public accounts to restore credibility.
Analysts say the controversy presents both a challenge and an opportunity. Prompt reconciliation and transparent reporting could reinforce confidence in Tinubu’s reform agenda, while prolonged uncertainty risks undermining Nigeria’s economic stability.
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