The Federal Government of Nigeria has firmly refuted recent public allegations that it operated a "shadow budget" or spent approximately ?8 trillion outside legislative approval.

In an official statement, the Honourable Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, clarified that these claims which stemmed from misinterpretations of the IMF’s 2026 Article IV Consultation Report are entirely incorrect and risk misleading the public regarding the nation's financial management.

?Every naira expended by the Federal Government is processed in strict compliance with Sections 80–83 and 162 of the 1999 Constitution, meaning all public funds are withdrawn solely through Appropriation Acts, Supplementary Budgets, or explicit statutory authorities enacted by the National Assembly.

The ?8 trillion figure cited in public commentary does not represent secret or illegal spending. Rather, it reflects legitimate statutory mechanisms and multi-year capital projects that are often classified differently under international statistical reporting standards.

These lawful expenditures include statutory allocations to regional development commissions, legislated costs of collection for revenue agencies, debt service obligations, and approved national interventions for security and infrastructure.

?Furthermore, the government emphasized that these authorized financing arrangements do not increase the fiscal deficit, as a deficit is strictly determined by the overall relationship between total revenues and total expenditures.

The IMF’s original observation targeted the presentation and timing of fiscal reports rather than the legality of the spending itself.

To permanently address these reporting differences and eliminate overlapping timelines, President Bola Ahmed Tinubu formally requested the National Assembly to phase out multiple budget cycles and harmonize Nigeria's financial landscape into a single, cohesive framework.

?While the Federal Government welcomes robust public debate as a pillar of democracy, it urges critics to ground their assertions in verifiable facts rather than conjecture.

Backed by ongoing digitalization, transparent revenue administration, and stronger treasury management, Nigeria's fiscal reforms continue to win recognition from international rating agencies and multilateral institutions, underscoring a steadfast commitment to transparency and the rule of law.