By Our Correspondent
Former Vice President Atiku Abubakar has called for an immediate and independent investigation into the International Monetary Fund (IMF)’s disclosure that public expenditure equivalent to about 2% of Nigeria’s Gross Domestic Product (GDP) was allegedly omitted from recent national budgets.
Reacting to the IMF’s findings, Atiku described the revelation as a serious matter that raises concerns about fiscal transparency and accountability. He questioned the whereabouts of the unreported expenditure and urged the Federal Government to provide Nigerians with clear answers.
According to the IMF, spending amounting to roughly 2% of GDP was carried out outside the formal budget process, making Nigeria’s fiscal deficit appear lower than its actual financing needs. The Fund also noted that the Nigerian government has begun efforts to incorporate previously unreported expenditures into official budget documentation while recommending stronger fiscal reporting and transparency.
Atiku insisted that all public spending must comply with constitutional provisions requiring legislative approval and oversight. He therefore called for a thorough, transparent, and independent probe to determine the source, purpose, and beneficiaries of the off-budget spending.
The development has sparked fresh debate over public financial management and accountability, with many Nigerians awaiting an official response from the Federal Government regarding both the IMF’s observations and Atiku’s demand for an investigation.
If confirmed, the findings could have significant implications for Nigeria’s fiscal governance and public confidence in the country’s budgeting process.
