IMF Confirms N8.83 Trillion Missing from Tinubu’s Budget – Taiwo Oyedele Caught Lying About ‘Shadow Budget’

West Africa WeeklyJuly 6, 20262 Mins read21

The International Monetary Fund has confirmed that the Nigerian government spent approximately N8.83 trillion in 2025 without recording it in the national budget. The revelation exposes President Bola Tinubu’s administration and Minister of State for Finance Taiwo Oyedele as liars who have been caught covering up what critics describe as grand theft of public funds.

The IMF’s Resident Representative in Nigeria, Christian Ebeke, disclosed at a public event in Lagos that public expenditure equivalent to about two percent of Nigeria’s Gross Domestic Product was not reflected in the country’s fiscal accounts. Based on Nigeria’s rebased nominal GDP estimate of approximately N441.5 trillion for 2025, the figure translates to roughly N8.83 trillion. Ebeke explained that some government spending was neither captured in approved budget documents nor reflected in budget implementation reports, resulting in an understatement of the country’s actual fiscal deficit. He warned that off-budget spending raises broader concerns about accountability, procurement processes and institutional oversight.

If the spending was not recorded in the budget, the National Assembly never approved it. The public never knew about it. The Auditor-General never audited it. The EFCC never investigated it. That is not accounting; that is theft.

Taiwo Oyedele, however, issued a press release denying the allegations, insisting that the Federal Government does not operate a “shadow budget” or spend public funds outside the constitutional and statutory framework. He argued that multi-year capital projects and approved capital rollovers should not be misconstrued as spending outside the budget. His denial falls flat because he does not explain why the N8.83 trillion was not recorded in the first place. If the spending was legal, why hide it? Why not include it in the budget? Why wait for the IMF to expose it before offering excuses?

Oyedele’s credibility is already in ruins. In April 2026, he admitted that Nigeria’s newly introduced tax reform laws contained errors. Weeks later, his committee dismissed media reports of those admissions. Nigerians now know that when Taiwo Oyedele opens his mouth, lies follow. His denial of the N8.83 trillion spending is just another lie to protect his boss.

Peter Obi, presidential candidate of the Nigeria Democratic Congress, seized on the revelation, describing the N8.83 trillion as “horrible” and noting that the expenditure is not budgeted and therefore not under legislative oversight or administrative scrutiny. He pointed out that the amount exceeds 35 percent of Nigeria’s N23.96 trillion capital budget for 2025 and surpasses the combined federal allocations to education and health. “This is not an isolated incident,” Obi said. “This is a pattern of grand corruption that has become part of this administration.”

Former Vice President Atiku Abubakar also weighed in, describing the IMF’s observations as deeply disturbing and arguing that the reported discrepancy pointed to the existence of a parallel fiscal structure operating outside the scrutiny of the National Assembly. He called on the EFCC, ICPC, National Assembly, and Auditor-General to investigate the alleged spending.

The government’s denial has done nothing to quell the controversy. If the N8.83 trillion was legally spent, why was it not recorded in the budget? Why is Taiwo Oyedele offering technical excuses instead of a transparent breakdown? Why should Nigerians believe anything this administration says when it has been caught lying repeatedly?

The IMF has confirmed what Nigerians already suspected: this government steals money in trillions and lies about it. Tinubu and Taiwo Oyedele are caught red-handed, and their denials are nothing but desperate attempts to cover up the theft of N8.83 trillion of public funds. Nigerians deserve answers. They deserve justice. And they deserve a government that does not treat them like fools.