Atiku accuses Tinubu of operating N8.8trn shadow budget ahead of 2027 elections

By Precious Mark

The Presidential Candidate of the African Democratic Congress (ADC), Atiku Abubakar has accused the President Bola Tinubu-led administration of operating a massive shadow economy by executing approximately N8.8 trillion in public expenditures outside the statutory national budget.

In a statement issued on Saturday, Abubakar raised the alarm over a recent report by the International Monetary Fund (IMF), which allegedly exposed massive off-budget spending equivalent to 2% of Nigeria’s Gross Domestic Product (GDP).

He asserted that the multi-trillion naira discrepancy points directly to an unconstitutional accumulation of resources meant to influence the upcoming general elections.

“We state clearly and without equivocation that this N800 billion, combined with the N8.8 trillion in unrecorded federal expenditures, points unmistakably to the construction of a massive, multi-source political war chest being assembled ahead of the 2027 general elections,” he said.

The former Vice President stated that the IMF’s latest Article IV consultation confirmed the parallel spending arose from large-scale government projects executed completely outside official budgetary framework documents, rendering them unaccounted for and unaudited.

“The Tinubu administration is awarding multi-trillion naira contracts, moving massive public capital, and commissioning infrastructure projects entirely beyond the reach of the Auditor-General, the nation’s procurement laws, and the legitimate oversight of the National Assembly,” he noted.

Drawing a parallel to the President’s political history, Abubakar alleged that the administration is replicating a revenue model previously utilized during the President’s tenure as the Governor of Lagos State.

“The man who perfected the art of the off-budget economy in Lagos has brought that ‘Beta’ form to Abuja, and the price is being paid by 220 million Nigerians,” he remarked.

He further alerted the public to an alleged illegal deduction of N800 billion from the statutory allocations of state governments under the aegis of the Progressives Governors Forum, describing it as an unauthorized raid on funds belonging to the federating units.

Lamenting the severe economic austerity measures imposed on citizens, including subsidy removal and currency devaluation, the Atiku Abubakar argued that the administration misled the public by claiming the national treasury was empty.

“While the poor were told to bleed, the government maintained access to a N8.8 trillion shadow treasury, entirely outside public view, entirely beyond legislative oversight, and entirely at the disposal of those who hold executive power,” he said.

Abubakar added that if the hidden resources had been transparently deployed as part of a structured economic stimulus package, domestic businesses would not be struggling under crushing 35% interest rates or catastrophic unemployment levels.

He also demanded immediate emergency investigative hearings by the National Assembly, a full independent audit by the Auditor-General of the Federation, and formal probes by the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC).

“A government that governs in secret spends in secret. A government that spends in secret does not govern, it plunders,” he concluded.