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FG Denies Reports of Missing ₦8.8 Trillion, Says IMF Findings Were Misrepresented
FG Denies Reports of Missing ₦8.8 Trillion, Says IMF Findings Were Misrepresented
By Rukevwe Odeh
The Federal Government has rejected claims that about ₦8.8 trillion in public funds is unaccounted for, maintaining that the allegation arose from a misunderstanding of the International Monetary Fund’s (IMF) recent assessment of Nigeria’s public finances.
In a statement issued by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, the government said it had neither operated a secret budget nor spent public money outside the country’s constitutional and financial regulations.
According to the minister, the expenditure being questioned relates to government-approved projects, statutory obligations and other authorised programmes that were properly documented in budget implementation reports and official fiscal records.
Oyedele explained that the IMF did not accuse the Federal Government of misappropriating or losing public funds. Instead, he said the Fund recommended improvements in fiscal reporting and reconciliation to ensure greater consistency across government financial records.
He described as misleading reports suggesting that spending equivalent to about two per cent of Nigeria’s Gross Domestic Product—estimated at roughly ₦8.8 trillion—was carried out outside the approved budget process. He noted that the figure resulted from differences in accounting methods and the timing of recording transactions across various government reporting systems.
The minister reaffirmed the administration’s commitment to transparency, accountability and prudent management of public resources. He added that ongoing reforms are aimed at strengthening fiscal reporting, improving coordination among relevant institutions and aligning Nigeria’s public finance management with international standards.
The clarification follows widespread public debate over the IMF’s observations on Nigeria’s fiscal reporting, with some critics calling for an investigation into what they believed was unreported government spending.
By staff Reporter Rukevwe Odeh
A group of stakeholders in Warri has announced its decision to withdraw support for the incumbent member representing the Warri Federal Constituency in the House of Representatives, Hon. Thomas Ereyitomi, ahead of the 2027 general elections.
The group, while explaining its position, cited what it described as dissatisfaction with the lawmaker’s performance and representation of the constituency.
The stakeholders subsequently declared their support for Comrade Jude Ukori Mulade as their preferred candidate for the 2027 House of Representatives election.
According to the group, its decision followed concerns over the level of representation and development delivered to the constituency under the current administration.
The stakeholders said they were seeking a representative who would be more responsive to the needs of the people and more committed to advancing issues affecting residents across the constituency.
They urged other political stakeholders and eligible voters in Warri to consider Mulade’s candidacy as the 2027 elections approach.
The group’s endorsement adds to the growing political activities and realignments expected to shape the contest for the Warri Federal Constituency seat ahead of the 2027 general elections.
Ereyitomi, who currently represents the constituency in the House of Representatives, has yet to publicly respond to the allegations contained in the group’s statement.
By staff Reporter Rukevwe Odeh
Residents and road users along the Warri Airport Road, particularly the section near Federal Government College in Warri South Local Government Area of Delta State, have continued to contend with recurring flooding despite years of road construction and rehabilitation efforts.
The affected stretch is frequently submerged following heavy rainfall, with inadequate drainage identified as a major factor contributing to the persistent flooding.
The recurring situation has raised concerns among motorists, residents and other road users, who say the condition of the road continues to disrupt movement and create difficulties for commuters whenever there is significant rainfall.
The development has also renewed calls for attention to the drainage system along the route, with residents hoping that a lasting solution will be implemented to prevent the road from repeatedly becoming flooded.
By staff Reporter: Rukevwe Odeh
A heavy downpour has left the popular NNPC Housing Complex Road, also known as Ekpan Link Road, submerged in floodwater in Uvwie Local Government Area of Delta State.
The rainfall caused significant water accumulation along the busy road, affecting movement and creating difficulties for motorists and other road users.
The condition of the road has renewed concerns over flooding and drainage challenges in the area, particularly during periods of heavy rainfall.
Residents and commuters are expected to exercise caution while using the affected route as efforts to manage the situation continue.
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