Presidential candidate of the Nigeria Democratic Congress, NDC, Mr Peter Obi, on Sunday accused President Bola Tinubu’s administration of presiding over “grand corruption,” citing an alleged ₦8.83 trillion in unbudgeted expenditure highlighted in a recent International Monetary Fund consultation report.
In a statement titled “Grand Corruption: Nigeria’s Greatest Threat” posted on his X account, Obi said the reported expenditure was not captured in the 2025 budget and was therefore outside legislative oversight and administrative scrutiny.
According to him, the ₦8.83 trillion represents about 2 per cent of Nigeria’s Gross Domestic Product. He said it is more than 35 per cent of the country’s 2025 capital budget of ₦23.96 trillion, and exceeds the combined allocations for education and health.
“₦8.83 trillion is as follows: About 2 per cent of our GDP. Over 35 per cent of Nigeria’s 2025 ₦23.96 trillion capital project budget. In fact, the amount is more than the actual released capital funding for 2025. It is more than the entire combined budget for education (₦3.52 trillion) and health (₦2.38 trillion),” Obi said.
Obi argued that if properly utilised and accounted for, the funds could have significantly improved public healthcare, education and job creation through the establishment of cottage industries.
He alleged the development was not an isolated case but part of a broader pattern of corruption under the current administration.
The former Anambra State governor further accused the government of disregarding public finance management rules, warning that such practices threaten national security, deepen poverty and weaken state institutions.
Describing the All Progressives Congress-led administration as “grossly corrupt, incompetent and insensitive,” Obi said the alleged mismanagement of public resources had worsened the country’s economic and social challenges.
He reiterated an earlier call for Tinubu to resign, saying recent developments reinforced his position that the President should step down over “incompetence, lack of compassion and failure to fulfil campaign promises.”
“The IMF now reveals that about ₦8.83 trillion in expenditure undertaken in 2025 is not reflected in the budget. This expenditure is not budgeted and is therefore not under legislative oversight or administrative scrutiny. This is horrible,” he said.
“If such an amount is properly used and accounted for, it could transform Nigeria’s public health and education sectors. It could create hundreds of cottage industries that can provide jobs for thousands of graduates and build a solid foundation for economic development. But we cannot account for it. This is not an isolated incident. This is a pattern of grand corruption that has become part of this administration,” Obi added.
“The sort of corruption that is ingrained in total disregard of elementary rules of public finance management poses a grave danger to national security and the stability of the Nigerian state.”
The Presidency had not responded to Obi’s allegations as of the time of filing this report.