Former Vice president cites IMF report, alleges ‘parallel fiscal universe’ under Tinubu
By Eshioromeh Sebastian
Former Vice President Atiku Abubakar has issued six sweeping demands to the National Assembly, the Economic and Financial Crimes Commission (EFCC), and other anti-corruption agencies, calling for an urgent investigation into what he described as an alleged N8.8 trillion in off-budget public spending by the Bola Tinubu administration.
In a statement personally signed on Saturday, Atiku cited a July 1, 2026 Reuters report detailing the International Monetary Fund’s latest Article IV consultation on Nigeria. According to the report, public expenditures equivalent to approximately two percent of Nigeria’s Gross Domestic Product were not recorded in recent official budgets .
Atiku claimed this figure translates to a staggering N8.8 trillion in public funds spent outside the statutory framework of the country’s official budget documents, “unaccounted for, unaudited, and hidden from the Nigerian people” .
Describing the development as “the most consequential act of fiscal impunity in Nigeria’s recent democratic history,” the 2023 presidential candidate urged Nigerians, the media, civil society, and democratic institutions to treat the matter as a constitutional emergency .
The ‘Parallel Fiscal Universe’
Atiku alleged that the discrepancy, confirmed by IMF Resident Representative Christian Ebeke, arose from “large-scale government projects executed entirely off-budget” . He accused the Tinubu administration of awarding multi-trillion naira contracts beyond the reach of the Auditor-General, procurement laws, and the National Assembly’s oversight .
“The Tinubu administration is awarding multi-trillion naira contracts, moving massive public capital, and commissioning infrastructure projects entirely beyond the reach of the Auditor-General, the nation’s procurement laws, and the legitimate oversight of the National Assembly,” Atiku stated. “It is a parallel fiscal universe, one governed by executive whim” .
Drawing parallels with Tinubu’s tenure as Lagos State governor, Atiku referenced the controversial “Alpha Beta” revenue management arrangement, claiming that the same off-budget governance model is now being replicated at the federal level with national consequences .
Alleged Deductions from State Allocations
Atiku further alleged that approximately N800 billion had been illegally deducted from statutory allocations due to state governments under the Progressives Governors Forum. He claimed these deductions were carried out without National Assembly authorisation, court order, or constitutional basis .
The former vice president asserted that the combined value of the alleged N8.8 trillion off-budget spending and the N800 billion in state deductions points to the construction of a “massive, multi-source political war chest” 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 said. “The Tinubu administration is not reforming Nigeria’s economy. It is financing its own political survival with money that belongs to the Nigerian people” .
Six Demands
Atiku issued the following demands to relevant institutions :
- National Assembly: Must convene emergency investigative hearings on the IMF’s findings without further delay.
- Auditor-General: Must be empowered to conduct a full, independent audit of all alleged off-budget expenditures referenced in the IMF consultation, with findings published in full without redaction.
- Federal Government: Must provide a transparent public account of every naira spent outside the official budget, identifying projects, contractors, procurement processes, and officials who authorised the transactions.
- Federal Government: Must immediately restore the alleged N800 billion deducted from state allocations and provide a complete account of how those funds were deployed.
- EFCC, ICPC and other law enforcement agencies: Must open formal investigations into both the unrecorded expenditures and the unlawful deductions from state allocations, independent of political direction from the Presidency.
- Civil society, professional bodies, and international partners: Must respond to the disclosure with urgency and press for greater transparency and accountability.
Economic Austerity Contradiction
Atiku argued that the alleged off-budget spending contradicts the economic reforms imposed on Nigerians, including fuel subsidy removal, naira devaluation, and high interest rates. He claimed that while Nigerians were told the treasury was empty, the government maintained access to what he called a “shadow treasury” .
“The IMF has now exposed that narrative as a big fat lie. While the poor were told to bleed, the government maintained access to a N8.8 trillion shadow treasury, entirely outside public view, entirely beyond legislative oversight, and entirely at the disposal of those who hold executive power,” Atiku stated .
He further argued that the N8.8 trillion—equivalent to approximately $5.5 billion—could have funded the $10 billion economic stimulus package he proposed during his 2023 presidential campaign to stabilise the exchange rate, support businesses, and create jobs .
Link to ‘Ghost Agency’ Controversy
Atiku also linked the off-budget spending allegations to the recent controversy surrounding the N1.3 billion inserted into the 2026 federal budget for the “Presidential Foreign Intervention Promotion Council,” an agency the administration later acknowledged did not exist .
“The ghost agency and the shadow budget are not separate scandals. They are two expressions of the same governing philosophy: that public money belongs to those in power, to be deployed as they see fit, beyond the reach of the law and the knowledge of the public,” he stated .
The Federal Government had not issued an official response to Atiku’s allegations as of press time .
Discussion about this post