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Unrecorded N8tr expenditure: Atiku says Tinubu, APC diverting 2% of GDP for 2927 election
Former vice president and presidential candidate of the African Democratic Congress ADC for the 2027 general election, Alhaji Atiku Abubakar, has accused President Bola Tinubu and the ruling All Progressives Congress, AP, of covering 20 percent of Nigeria’s Gross Domestic Product, GDP for the 2027 presidential election.
Atiku made the allegation while reacting to concern raised by the International Monetary Fund, IMF that the federal government has spent over N8 trillion with the money being recorded.
My attention has been drawn to a deeply troubling report by the International Monetary Fund, published on July 1, 2026 by Reuters, which reveals that the Tinubu-led APC administration failed to record public expenditures amounting to approximately 2 percent of Nigeria’s Gross Domestic Product in recent official budgets. At the current valuation of Nigeria’s economy at approximately ₦441.5 trillion, this figure translates to a staggering ₦8.8 trillion in public funds spent entirely outside the statutory framework of Nigeria’s official budget documents, unaccounted for, unaudited, and hidden from the Nigerian people,” Atiku stated in a statement on Saturday.
In his words the former vice president said further that-“I view this revelation with the gravest alarm and call upon all Nigerians – the media, civil society, the National Assembly, and every democratic institution in this country – to set aside every distraction and direct their full attention to what is, by any reasonable standard, the most consequential act of fiscal impunity in Nigeria’s recent democratic history.
“A pattern of conduct, not an isolated incident, the IMF’s latest Article IV consultation, articulated by its resident representative in Nigeria, Christian Ebeke, confirmed that this staggering discrepancy arises from large-scale government projects executed entirely off-budget. Let us be absolutely clear about what this means: 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. It is a parallel fiscal universe, one governed by executive whim, shielded from the constitutional accountability that the Nigerian people are owed.
“This conduct follows a pattern that is unmistakably familiar to anyone who has studied the fiscal governance of Lagos State under Bola Ahmed Tinubu as Governor. For years, Tinubu operated what has become widely known as the Alpha Beta arrangement, a revenue management structure under which between 10 and 30 percent of Lagos State’s internally generated revenue disappeared into private pockets before it was ever captured in the official budget. Revenues were siphoned at the point of collection, before they could be subjected to legislative appropriation, public scrutiny, or statutory accountability. The money simply vanished upstream, and what arrived in the treasury was already a fraction of what Lagosians had paid.
*What the IMF has now documented at the federal level is that same Lagos playbook, replicated at national scale and with national consequences. 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.
“This shadow economy does not operate only through unrecorded expenditures. It also operates through illegal extractions. We draw the attention of Nigerians to the ₦800 billion that has been illegally deducted from the statutory allocations of state governments, funds belonging to the federating units of this republic, unlawfully withheld and diverted without the authorisation of the National Assembly, without a court order, and without any constitutional basis whatsoever.
“State governments across Nigeria under the aegis of the Progressives Governors Forum have had their allocations raided to fund projects and purposes that have never been disclosed to the Nigerian public. We state clearly and without equivocation that this ₦800 billion, combined with the ₦8.8 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.
“When a government operates a secret treasury of this scale at precisely the moment it needs to purchase electoral outcomes, the conclusion is not difficult to reach. The Tinubu administration is not reforming Nigeria’s economy. It is financing its own political survival with money that belongs to the Nigerian people.
“The recent public controversy over the ₦1.3 billion inserted into the 2026 Federal Budget for the so-called Presidential Foreign Intervention Promotion Council, an agency the administration itself was forced to acknowledge did not exist, is now rendered far less surprising in this broader context. When a government can move ₦8.8 trillion in public money entirely outside its own official bookkeeping, the boundary between what exists and what is a phantom, between what is appropriated and what is stolen, ceases to have any practical meaning. The ghost agency and the shadow budget are not separate scandals. They are two expressions of the same governing philosophy: that public money belongs to those in power, to be deployed as they see fit, beyond the reach of the law and the knowledge of the public.
“The moral obscenity at the heart of this scandal demands to be named plainly. For three years, the Tinubu administration has subjected ordinary Nigerians to an unrelenting programme of economic austerity without precedent in our democratic era. The removal of the fuel subsidy, executed without preparation, without social safety nets, and without honest public accounting of the savings, detonated the cost of living across every stratum of Nigerian society. The Naira has been serially devalued, wiping out the purchasing power of workers, traders, small business owners, and pensioners. Interest rates have been driven to levels that have effectively shut small and medium enterprises out of the credit market, strangling the productive base of the economy and accelerating unemployment at a time when Nigeria’s youth population is growing faster than any other demographic on earth.
“Nigerians have been told, repeatedly and firmly, that the treasury is empty, that there is no alternative to the pain being administered, and that sacrifice today is the price of prosperity tomorrow. The government has borrowed at punishing interest rates on international markets, adding to a debt burden that will constrain the fiscal choices of Nigerian governments for a generation, all the while telling the public that every kobo of expenditure is being carefully accounted for and prudently managed.
“The IMF has now exposed that narrative as a big fat lie. While the poor were told to bleed, the government maintained access to a ₦8.8 trillion shadow treasury, entirely outside public view, entirely beyond legislative oversight, and entirely at the disposal of those who hold executive power. The interest rates crushing Nigerian businesses, the weak Naira destroying Nigerian savings, and the economic stagnation hollowing out Nigerian households are not the unavoidable consequences of global headwinds. They are, at least in part, the direct result of a government that has removed from the productive economy ₦8.8 trillion that should have been transparently appropriated, competitively allocated, and deployed in ways that create jobs, reduce the cost of capital, and strengthen the naira. This explains why contractors are owed and civil servants are not paid their salaries.
“I wish to place this figure in concrete human terms. In the 2023 presidential election, I presented to Nigerians a comprehensive economic recovery programme anchored on a $10 billion stimulus package, an intervention designed to recapitalise the productive economy, restore exchange rate stability, reduce the cost of borrowing for Nigerian businesses, and create millions of jobs across the agricultural, manufacturing, and technology sectors. Critics and supporters of the Tinubu administration dismissed that proposal as ambitious, even unrealistic, asking where the resources would come from. The IMF has now answered that question. ₦8.8 trillion, the equivalent of approximately $5.5 billion at current exchange rates, was available. It was not unavailable. It was not non-existent. It was simply being spent in the dark, by unaccountable hands, on undisclosed purposes, beyond the reach of the Nigerian public and their elected representatives. Had that money been transparently appropriated and deployed as part of a structured economic stimulus programme, Nigerian businesses would not be drowning in 35 percent interest rates. The naira would not be trading at levels that make the importation of basic inputs prohibitively expensive for manufacturers. Unemployment would not be at the catastrophic levels that are fuelling insecurity, emigration, and social despair across every geopolitical zone of this country.
“The poverty of Nigerian citizens today is not fate. It is policy, or more precisely, it is the consequence of the absence of transparent, accountable, productive economic policy, replaced by the private management of public resources for political purposes under the Tinubu-led APC administration,” Atiku concluded.
Atiku therefore demanded some immediate measure from government and other stakeholders as follows:
convene emergency investigative hearings on the IMF’s findings without further delay. The revelation of ₦8.8 trillion in unrecorded public expenditures is a constitutional emergency, not a matter to be managed through ministerial press conferences or diplomatic qualifications.
“Two, the Auditor-General of the Federation must be immediately empowered and directed to conduct a full, independent audit of all off-budget expenditures referenced in the IMF’s Article IV consultation, and those findings must be published in their entirety and placed in the public domain without redaction.
“Three, the Federal Government must provide a full and transparent public account of every Naira spent outside the official budget, identifying every project, every contractor, every procurement process followed, and every individual who authorised and benefited from these transactions.
“Four, the Federal Government must immediately restore to state governments the ₦800 billion unlawfully deducted from their statutory allocations and provide a complete account of how those funds were deployed.
“Five, the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission, and every relevant law enforcement and anti-corruption agency must open formal investigations into both the unrecorded expenditures and the unlawful deductions from state allocations, independent of any political direction from the Presidency.
“Six, Nigeria’s civil society, the professional community, the business sector, and the international community, particularly the international financial institutions whose credibility is implicated when their findings are ignored, must respond to this disclosure with the urgency it demands.
“A government that governs in secret spends in secret. A government that spends in secret does not govern, it plunders. The Tinubu administration has been exposed, not by its political opponents and not by partisan advocacy, but by the International Monetary Fund, the most authoritative multilateral financial institution in the world, whose Article IV consultations carry the full weight of international economic credibility. The evidence is on the record. The figures are not in dispute.
“The only question that now confronts every Nigerian citizen, every elected representative, and every democratic institution in this republic is whether we will summon the collective will to demand accountability, or whether we will allow ₦8.8 trillion in unrecorded public expenditure, built on the same architecture of fiscal concealment that defined Lagos under Tinubu to become the accepted, unremarkable condition of governance in Nigeria.
“We will not accept it. And we call on every Nigerian who believes in the integrity of the public treasury, the sovereignty of the Nigerian people over their own resources, and the future of this republic to refuse to accept it as well,” Atiku said.
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Fubara, George Weah declare NBA conference open, charge judges to promote justice, rule of law
Photo caption: Governor of Rivers State, Sir Siminalayi Fubara(left) and George Weah, former President of Liberia at the 2026 Annual General Conference of the Nigerian Bar Association (NBA) in Port Harcourt on Sunday
The 66th annual general conference of the Nigrrian Bar association (NBA) began on Sunday in Port Harcourt, River State with Governor Siminalayi Fubara urging judged to promote justice and rule of law..
The River State Governor who declared the conference open also charged judges responsible for the administration of law and justice to consider the overall impact of their judgements on the polity, as law and order as well as the rate of national development are inextricably linked to the quality of justice the courts can deliver with integrity.
Fubara said judges must ensure that nothing but the truth prevails at all times , irrespective of the parties’ status or social affiliations.
“We cannot continue to insulate our laws from today’s reality; neither should justice remain shackled by unjust precedents, technicalities, inadequate access, undue delays, slavish adherence to rigid processes, political manipulation, or brazen corruption. The prevalence of these serious impediments to justice in our polity has damaged and continues to damage the reputation of the Judiciary and the bar,”he said.
Governor Fubara said that in a democratic society, the legal system sets out the rules of conduct and the basis for the relationship between government, public and private institutions and the citizens.
Apart from upholding the rule of law, Governor Fubara said, the judiciary is also essential to any country seeking to foster true democracy, good governance, and economic development. According to the Governor, the courts are not merely venues for resolving social disputes, they serve as the ultimate refuge for all, including the common man, to pursue true justice, accountability, human dignity and the enforcement of their legal and constitutional rights.
He contended that the ultimate aim of law is to protect and advance the security and wellbeing of citizens by ensuring equality before the law, safeguarding the fundamental human rights of all and fostering an environment conducive to socioeconomic activities and national transformation.
He noted that law, order, peace and meaningful progress prevail wherever the law is treated as sovereign, whereas denying the sanctity of the rule of law, true democracy and good governance negates the very logic of civilised existence and is a recipe for social disaster.
“Consequently, we expect that our judges should not be mere apologists or conformists if they are to be the ultimate guardians of our democracy, the rule of law and the advancement of peace and good governance in our country,” he said.
According to a statement signed by Onwuka Nzechi, Chief Press Secretary to the River State Governor, Fubara stated that public confidence on the quality of the nation’s judiciary will be enhanced only when judges demonstrate sound knowledge of the law, and display excellent legal reasoning, courage , commitment and integrity to hold the government and the governed equally accountable to the constitution and the rule of law.
“This is perhaps the only way to ensure that justice is not merely an ideal but one that can transform our society by being present in the life of our nation and of every citizen, including those at society’s margins, not just the privileged few.
” It is said that in times of uncertainty, particularly when political power attempts to overreach the Constitution and the rule of law, it is the courage of the legal profession that can intervene to nip such aberations in the bud and ensure that the process of power is not used to circumvent the laws of the land and the values of democracy,” he said.
Addressing the theme of the conference: “Beyond Limits,”
Governor Fubara charged Nigerian lawyers, as ministers and custodians of the sacred temple of justice to rise above real or perceived constraints to protect the Constitution and advance the people’s inherent rights to democracy and good governance.
“In Rivers State, we understand what it means to push beyond limits . We have walked through the furnace of power, may have been bruised, yet remain unbowed in our determination to safeguard our unity, peace and progress and are more resolved than ever in our commitment to delivering the dividends of democracy to our people,” he said.
A former President of Liberia, Mr George Weah, who delivered the keynote address at the conference also emphasised the crucial role of the bar and the bench in safeguarding the rights and freedom of the citizenry and charged lawyers and judges to remain impartial in the delivery of justice.
Weah noted that an independent judiciary protected by a fearless judicial bar, is needed in every serious nation, warning that threats to democracy do not come only from the barrel of a gun or a defeated leader who refuses to hand over power, but from a situation where the judicial institutions might be weakened and unable to carry out their own duties.
He reminded the delegates that democracy doesn’t end on the election night, but it is tested every single day, adding that democracy cannot survive on strong men but on strong institutions.
The former Liberian leader described as a dangerous threat to democracy, governments that call themselves democratic but are corrupt and in bed with judges in order to undermine the rule of law and manipulate the society.
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Karshi-Apo road set for inauguration November
By Bonaventure Melah
Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says the long-delayed Apo-Karshi road will finally be completed and handed over by November, putting an end to a 15-year wait for residents in the axis.
Wike gave the assurance in Abuja on Saturday, after inspecting the progress of the project as well as the 14-kilometre Bwari Kubwa Road.
He explained that the 13.5-kilometer road, originally awarded in 2011 under previous administrations, has been a major point of frustration for motorists experiencing daily traffic congestion between satellite communities and the Abuja city center.
He explained that the current administration was forced to revoke the original contract due to persistent delays and re-award it to construction firm SCC Nigeria Ltd.
“The Apo-Karshi road has been a topical issue. It was awarded in 2010, one of those projects President Bola Tinubu inherited.
“Because of its importance and the complaints by residents, we had to terminate the contract and award it to SCC, which we know has the capacity to complete the job.
“Residents who have been crying for years can now see that this government has come to their aid,” he said.
The minister praised the contractor for maintaining progress on-site regardless of funding cycles, reaffirming the government’s commitment to honoring its financial obligations.
The minister also inspected the ongoing construction of the 14-kilometre Bwari-Kubwa road, stressing that the contractor had promised to deliver the critical road in December.
He emphasised that the tangible delivery of infrastructure projects serves as the strongest argument for the administration’s governance model, downplaying traditional political campaigning in favor of visible results.
“When people ask me about campaigns, I say, ‘What is campaign? See the campaign. Campaign is about what you have done for the people and what the government has to show.
“It is not about promises; it is about taking action that positively impacts lives,” he said.
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Fubara: Wisdom Beyond Human Comprehension
By Bonaventure Phillips Melah
The decision of River State Governor, His Excellency, Sir Siminaiye Fubara, not to contest the 2027 governorship election, has continued to be on the front burner of political discuss and debates in Nigeria; and the reason is quite understandable.
Fubara contested for the office of governor of River State and won the election. He was subsequently sworn-in May 29, 2023. His administration was however suspended from office March 2025 following the declaration of State of Emergency by President Bola Tinubu. The President took the action, in response to political crisis among stakeholders in the State, particularly the Governor and his predecessor/Minister of the Federal Capital Territory, Nyesom Wike. Tinubu said the crisis had threatened the peace of River State and disrupted governance. The President therefore established an emergency rule.
Following the President’s intervention, a truce was reached between the warring parties and civil governance was restored September 2025.
It later became clear thereafter, that some people in Abuja and back home in Port Harcourt were determined to resume hostilities against Fubara and his administration. They made it clear that Fubara must not contest the 2027 election. The mindset was not only provocative, but an affront to the Governor’s constitutional rights. The actions and pronouncements of the political gladiators as well as the body language of the State Assembly showed that they were ready for another war. This time, on a wider scale.
As the Chief Security officer of River State; and in whose hands the people encrusted their peace, security and wellbeing for four years, Fubara was left with two options- Take up the fight again and let ‘Rome Burn’ or take the painful part of sacrifice.
The options were as terrible as the ones given to the biblical woman in 1 Kings 3: 16-28 when King Solomon wanted the two women to decide whether he should divide the disputed child in two parts. While the first woman said ‘divide him’ the second woman, said “Let the child live.” Instead of watching her own child being slaughtered, she said the King should give her child to the troublesome woman.
So Fubara decided that, rather than watch River State be burned down, it was batter to give up his political ambition so that the people may enjoy peace.
Early indications of what Fubara would do came September 19, 2025, when the Governor said that the costliest peace is cheaper than the cheapest war, adding that no sacrifice is too great to secure peace, stability, and progress of Rivers State.
He said this in a statewide broadcast, signaling his resumption for duty, following the end of the emergency rule. He urged the people to put the incident behind them and renewed his commitment towards ensuring that everybody work together with renewed hope and determination to build a stronger, more peaceful and prosperous Rivers State.
“Despite the turbulence, you are aware of the credible milestones our administration achieved in infrastructure, education, healthcare, and other key sectors over the last two years. Our immediate responsibility is to return to the path of governance and development by completing the projects which we started by ensuring none of them is starved of funds or neglected, thereby reviving our economy, protecting lives and property, and improving the wellbeing of all Rivers people,” Fubara stated.
Many people thought that his statement was a political rhetoric, expecting that the Governor was ready to return to the trenches when the time comes. But Fubara kept his words, to make whatever sacrifice(s) necessary to keep and maintain the peace, for the sake of his people and River State.
As the momentum for the 2027 general election built up, Fubara listened to his inner spirit and decided to step down his political ambition, by agreeing not to contest the River State governorship election which by all human calculations and reasoning, he had the right of first refusal.
By agreeing to step down from the contest, Fubara disappointed many people. Among those who are currently angry with Fubara are his genuine supporters and loyalists. Others, perhaps, the majority, are clap-trappers, hypocrites, parasites, political necromancers and vultures, both from within and outside River State who wanted him to ‘fight to finish’ mostly for their selfish interest. But Fubara knew, as they say, when two elephants fight, the grass would suffer.
Although Fubara has explained, even severally, that his decision to relinquish his political ambition was for the peace of River State, many people have failed to see reason with him. Therefore, they call him all manner of derogatory names, including coward, woman governor and others.
The reason is clear- what Fubara did, the decision he took; is not easily comprehensible by any human mind.
But that also show the level of ignorance being exhibited by the noise outside Fubara’s heart; those who do not understand the bruises of war, who are ignorant of quietness and the peace that Fubara has achieved by that his singular decision- The peace that passes all understandings.
It was Chuck Palahniuk who told us that- “We have no scar to show for happiness. We learn so little from peace;” just as Baba Hari Dass proclaimed that “No one can give us peace. We can’t buy or borrow it. We have to cultivate it by practicing it.” That’s what Fubara has done.
I read Martin Luther King Jr long ago that when he said that “It is no longer a choice, my friends, between violence and nonviolence. It is either nonviolence or nonexistence.”
To deepen it more, Fubara said he has purged his heart of all grudges and to move on, maybe to demonstrate his agreement with Jonathan Lockwood Huie who told us to “Forgive others, not because they deserve forgiveness, but because you deserve peace.’
It is also possible that Fubara is a student of Roy T. Benneth, author of the famous book- ‘The Light in the Heart’ who said “Learning to distance yourself from all the negativity is one of the greatest lessons to achieve inner peace.” That may be the reason the River State Governor has decided to distance himself from all those beating the drums of war around him by making it clear to them that he is no longer interested in dancing to their tunes. Because in life, hearing negatives can have profound impact, including affecting our mental health and emotional wellbeing; whereas adopting a right attitude can convert negative stress into a positive one.
According to Epictetus, it is not every expectation that turns out the way we want. He said- “Don’t hope that events will turn out the way you want. Welcome events in whichever way they happen: this is the path to peace.”
It is the absence of such inner illumination that birthed the ‘do or die politics’ that has become the greatest danger in Nigeria today. Most Nigerian politicians would see what has happened to Fubara as the end of the world. The reason that Nigerian politicians believe that holding on to power is like life itself. They do not agree when told that political power is transient and that it comes and goes. Therefore, Nigerian politicians go to whatever length, to attain and maintain political power, to the extent that majority of them are ready to sacrifice their wives, sons, daughters, mothers and even some years of their lives, to the devil, in order to gain and sustain political power.
But Fubara, like former President, Dr. Goodluck Jonathan, chose to sacrifice his personal ambition to safeguard the lives of his people. Posterity would forever remember Jonathan’s historic declaration that ‘My political ambition is not worth the blood of any citizen.” Therefore, March 31st 2015, Jonathan made that call to opposition candidate Muhammadu Buhari, conceded defeat and congratulated Buhari.
But make no mistake about it. Fubara is not finished yet. An Accountant by training, he has first degree in business education, postgraduate degree in Accounting, MSc in Finance and MBA from the Business School of the University of Port Harcourt. He served River State in various capacities, rising through the ranks to become Director of Finance and Accounts; Permanent Secretary and Accountant General of the state from December 2020 to May 2022.
As Governor of River State, Fubara has distinguished himself with a performance that has been marked by significant achievements in infrastructure development, economic revitalization, and community engagement. Under his leadership, River State has seen the completion of major projects like the Port Harcourt Dual Carriage Ring Road; and the Trans- Kalabari road; among many others, thereby enhancing connectivity and economic opportunities. His administration has also focused on healthcare improvement, including the construction of new hospitals; remodeling and completion of the 105-bed Omoku zonal hospital. He has as well, implemented initiatives to attract investments and boost tourism, demonstrating remarkable commitment to serve the people as well as foster sustainable growth.
By the choice he made, Fubara’s tenure would come to an end May 29, 2027 and someone else would take over from him. Thereafter, everything is in favour of Fubara including age and posterity. Let me just leave it at that.
Bonaventure Phillips Melah, an Abuja based journalist and author, is the Founder of First Green White Resource Centre, Facilitators of Nigeria’s Pride Awards 08036062975 email: bonamelah123@gmail.com
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