No Shadow Budget -FG
…Oyedele Clears Air on Alleged ₦8 Trillion Secret Spending
By Patience Ikpeme
The Federal Government has stepped forward to clear the air regarding claims that it spent over ₦8 trillion outside the country’s official budget.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, stated that the accusations are wrong and could give members of the public a bad impression about how the nation’s money is being managed.
The government’s position follows statements from an opposition leader who pointed to a recent International Monetary Fund (IMF) report to claim that the government secretly spent about two percent of the nation’s Gross Domestic Product (GDP) without approval.
While addressing the issue, the Finance Minister explained that Nigeria does not run any hidden or illegal accounts. He said that public money is only spent according to the rules written in the Nigerian Constitution and through the laws passed by the National Assembly.
He stated that everything the government spends goes through lawmakers, whether it is part of the main annual budget or separate, legal emergency funds.
Mr. Oyedele noted that the ₦8 trillion in question is not hidden money, but rather a reflection of different accounting and reporting styles. He mentioned that the government has many legal expenses that are backed by separate acts of Parliament, such as money sent directly to regional development commissions, funds kept by tax agencies to cover their operations, and money used to pay off national debts. He added that big construction and infrastructure projects often take several years to finish, meaning their funds legally roll over into new budget cycles.
According to the Minister, the IMF report was not accusing Nigeria of corruption or illegal transactions. He stated that the IMF was only talking about how the government arranges its financial paperwork, advising that it would be better to combine all these separate spending categories into one single document so that international observers can read it easily. He said that the government is already moving to correct this.
The Minister recalled that President Bola Ahmed Tinubu had already gone before the National Assembly to ask lawmakers to put an end to multiple, overlapping budgets. The President requested that all government spending be merged into a single, clean system so that everything is completely open.
Mr. Oyedele also stated that this ₦8 trillion does not mean that the government’s budget deficit has increased. He explained that a deficit only grows when a government spends more than it actually earns. Since the money mentioned was already tied to specific, legal funds and ongoing projects, it does not create a new burden of debt for the country.
The Minister welcomed public discussions about government money but urged citizens and politicians to focus on real facts rather than guesswork. He stated that the government remains fully dedicated to careful spending, transparency, and using technology to protect the nation’s wealth.
