Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has called on the National Assembly, the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and other relevant institutions to investigate what he described as an alleged ₦8.8 trillion in unrecorded public expenditure under the administration of President Bola Tinubu.
In a statement issued in Abuja on Saturday, Atiku said his call followed a report from the International Monetary Fund (IMF), published by Reuters on July 1, 2026, which indicated that public expenditures equivalent to about two per cent of Nigeria's Gross Domestic Product (GDP) were not reflected in recent official budget documents.
According to him, with Nigeria's GDP estimated at about ₦441.5 trillion, the unrecorded expenditure amounts to approximately ₦8.8 trillion.
Describing the report as "deeply troubling," Atiku urged Nigerians, civil society organisations, the media and democratic institutions to demand accountability over what he termed one of the most significant cases of fiscal opacity in the country's recent democratic history.
"The revelation of ₦8.8 trillion in unrecorded public expenditure is a constitutional emergency that demands urgent attention," he said.
The former vice president alleged that the expenditure was carried out through large-scale government projects executed outside the official budgetary framework, thereby escaping legislative scrutiny and statutory oversight.
He further claimed that the development reflected a pattern of fiscal management that undermines transparency and accountability in the management of public resources.
Atiku also alleged that about ₦800 billion was unlawfully deducted from statutory allocations due to state governments, claiming the funds were diverted without the approval of the National Assembly or any constitutional backing.
According to him, the alleged off-budget spending and deductions from state allocations suggest the existence of a huge political fund being assembled ahead of the 2027 general elections.
"When a government operates a secret treasury of this scale at precisely the moment it needs to purchase electoral outcomes, the conclusion is not difficult to reach," Atiku stated.
He further criticised the Federal Government's economic policies, arguing that while Nigerians have endured hardship arising from fuel subsidy removal, currency depreciation, rising inflation and high interest rates, huge sums of public funds were allegedly expended without transparency.
"The IMF has now exposed that narrative as false. While Nigerians were told the treasury was empty, government allegedly maintained access to a ₦8.8 trillion shadow treasury outside public accountability," he alleged.
The ADC presidential candidate therefore demanded immediate action from key government institutions.
He called on the National Assembly to convene emergency investigative hearings into the IMF's findings, while urging the Auditor-General of the Federation to carry out a comprehensive audit of all off-budget expenditures referenced in the IMF's Article IV Consultation Report.
He also asked the Federal Government to publish a detailed account of all expenditures made outside the official budget, including the projects executed, contractors involved, procurement processes followed and officials who authorised the spending.
Atiku further urged the Federal Government to refund the alleged ₦800 billion deducted from state allocations and provide a full account of how the funds were utilised.
In addition, he called on the EFCC, ICPC and other anti-corruption agencies to commence independent investigations into both the alleged unrecorded expenditures and deductions from state allocations.
He also appealed to civil society organisations, professional bodies, the business community and international development partners to demand transparency and accountability in public finance management.
"A government that governs in secret spends in secret. A government that spends in secret does not govern; it plunders," Atiku said.
He maintained that Nigerians deserve full disclosure on the management of public resources and urged all democratic institutions to ensure that the issues raised in the IMF report are thoroughly investigated in the interest of transparency and good governance.
The Federal Government had not responded to Atiku's allegations as of the time of filing this report.
