By Kofoworola Fakeye, JKNewsMedia Reporter
ALLEGATIONS THAT more than N8 trillion equivalent to about two percent of Nigeria’s Gross Domestic Product (GDP) was spent outside the approved budget have been dismissed by the Federal Government, which described the claims as inaccurate and misleading.
JKNewsMedia.com reports that the Federal Ministry of Finance said the Federal Government does not operate a shadow budget or spend public funds outside the constitutional and statutory framework governing public finance.
The ministry, in a statement, said every withdrawal and expenditure of public funds is authorised under the provisions of the 1999 Constitution through Appropriation Acts, Supplementary Appropriation Acts or other legislation passed by the National Assembly (NASS).
Responding to allegations attributed to the International Monetary Fund (IMF) that trillions of naira were spent outside the budget, Finance Ministry challenged the claims, saying they should be supported with credible and verifiable evidence.
It maintained that no public expenditure is undertaken without legislative approval or other legal authority.
The ministry explained that several categories of expenditure are often misunderstood as off-budget spending despite being fully recognised under Nigeria’s public financial management framework.
These include multi-year capital projects, statutory transfers, debt service obligations, first-line charges, allocations to development commissions, revenue collection costs retained by designated agencies as provided by law, and capital expenditure approved under separate budgets for certain agencies and the Federal Capital Territory (FCT).
It added that special interventions covering security, infrastructure development, disaster response and other national priorities are also implemented strictly within legal frameworks approved by the NASS.
Reaffirming its commitment to transparency and accountability, the FG urged the public to rely on verified information when discussing public finances, stressing that the country’s fiscal management system remains fully compliant with the Constitution and other extant laws.
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