President Bola Ahmed Tinubu’s federal government’s fiscal transparency has come under intense scrutiny in the past weeks following an International Monetary Fund report which unravelled N8.8 trillion in unaccounted expenditure.
IMF revelation
The IMF made the revelation in June in its 2026 Article IV Consultation report.
The international lender said the Nigerian government carried out unrecorded expenditure missing from official budget documents.
According to the IMF, the unaccounted-for spending by the Nigerian government in the period under review amounted to N8.8 trillion, 2 per cent of the country’s Gross Domestic Product.
Tinubu’s govt Budget
The Tinubu government is currently operating three budget circles from 2024 to 2026, amounting to around N154.25 trillion excluding the N2.17 trillion appropriation in 2023 upon it emergence.
Reactions to IMF’s disclosure over N8.8tn unaccounted expenditure
The IMF’s disclosures have drawn weighty criticism from opposition parties.
The presidential candidates of the African Democratic Congress and Nigerian Democratic Congress, Atiku Abubakar and Peter Obi, had taken centre stage in the criticism against Tinubu’s government on the whereabouts of N8.8 trillion in unaccounted expenditure.
In defence, the minister of finance, Taiwo Oyedele, dismissed the claim of a ‘missing N8.8 trillion’. According to him, budgeting by the Tinubu’s government is fully accounted for within constitutional boundaries. He said what the IMF observed were discrepancies in the reporting framework.
Implications on the Nigerian economy – Oyedokun
Reacting to the controversy surrounding the IMF’s disclosure of an unaccounted N8.8 trillion, the professor of accounting and finance at Lead City University, Godwin Oyedokun, in an interview with DAILY POST said the issue is not merely whether the money is “missing” but whether Tinubu’s government financial records provide adequate transparency, reconciliation, and accountability.
Oyedokun said the IMF’s revelation has far-reaching implications for the Nigerian economy and citizenry.
“The debate over the International Monetary Fund (IMF)’s observation regarding approximately N8.8 trillion in unaccounted or unexplained fiscal transactions should be approached with caution and objectivity. The issue is not merely whether the money is “missing” but whether government financial records provide adequate transparency, reconciliation, and accountability.
“The IMF’s concerns relate primarily to fiscal reporting, reconciliation of government accounts, and the treatment of certain expenditures and financing operations. Until the Nigerian government, the relevant oversight institutions, and independent auditors complete their reconciliations, it would be premature to conclude that the funds were stolen or permanently lost. Nevertheless, the matter raises significant governance and fiscal management questions.
“The Tinubu administration has consistently emphasised fiscal reforms through revenue digitisation, subsidy removal, tax reforms, and executive directives aimed at improving transparency and blocking revenue leakages. If such reforms are to command public confidence, they must be accompanied by timely disclosure of public financial information, independent audits, and effective legislative oversight. Transparency is demonstrated not only by policy pronouncements but also by verifiable public financial reporting.
“The implications for the Nigerian economy are significant. First, unresolved questions surrounding public finances can weaken investor confidence, particularly among foreign portfolio and direct investors who closely monitor fiscal credibility and governance standards. Second, uncertainty over government accounts may increase Nigeria’s sovereign risk perception, potentially raising borrowing costs and limiting access to affordable financing. Third, public confidence in ongoing fiscal reforms may diminish if citizens perceive inconsistencies between government transparency commitments and financial reporting outcomes.
“For ordinary Nigerians, the implications are equally important. Public funds are expected to finance infrastructure, healthcare, education, security, and social protection. Any uncertainty regarding the management of such large sums fuels distrust in government institutions, weakens tax morale, and increases public resistance to necessary but difficult reforms such as tax expansion or expenditure rationalisation. Citizens are more willing to support reforms when they are convinced that public resources are prudently managed.
“This development also highlights the need to strengthen Nigeria’s public financial management architecture. Greater integration of digital treasury systems, real-time expenditure monitoring, enhanced implementation of the Treasury Single Account framework, stricter compliance with the Fiscal Responsibility Act and the Public Finance Management framework, stronger internal controls, and more proactive oversight by the National Assembly and the Auditor-General would improve fiscal accountability.
“From a broader governance perspective, the controversy presents an opportunity rather than merely a challenge. If the government promptly publishes detailed reconciliation, commissions independent audits where necessary, and transparently addresses the IMF’s observations, it could reinforce confidence in its reform agenda. Conversely, prolonged uncertainty or inadequate disclosure may undermine the credibility of ongoing economic reforms.
“Ultimately, the issue should not be reduced to political rhetoric over a ‘missing N8 trillion’. It should instead be viewed as a test of Nigeria’s commitment to fiscal transparency, accountability, and institutional credibility. Sustainable economic development depends not only on generating more revenue but also on ensuring that every naira of public expenditure is traceable, accountable, and demonstrably delivers value to the Nigerian people,” he told DAILY POST in an interview.
