Former Peter Obi has accused the administration of President Bola Ahmed Tinubu of presiding over what he described as “grand corruption,” following the release of an International Monetary Fund (IMF) report on Nigeria’s public finances.
In a statement posted on his X account on Sunday, Obi said the IMF’s latest consultation report raised fresh concerns about the management of public funds, alleging that about ₦8.83 trillion in government expenditure carried out in 2025 was not captured in the national budget.
According to him, the reported expenditure was outside legislative oversight and administrative scrutiny.
“The recent report from the IMF consultation further raises concerns about the scale of grand corruption under the Tinubu government. The IMF now reveals that about N8.83 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.”
Obi argued that the amount represents a significant portion of Nigeria’s economy, noting that it exceeds the combined 2025 budgetary allocations for the education and health sectors.
He maintained that if the funds had been properly managed, they could have transformed critical sectors of the economy.
“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.”
The former Labour Party presidential candidate further alleged that the issue reflects a pattern of financial mismanagement rather than an isolated incident.
“This is a pattern of grand corruption that has become part of this administration.”
He warned that poor public financial management and corruption pose serious risks to Nigeria’s stability, arguing that they contribute to rising poverty and weaken public institutions.
Obi also renewed his criticism of the Tinubu administration, describing it as corrupt, incompetent and insensitive to the country’s challenges.
“This recent revelation proves that the APC government is grossly corrupt, incompetent, and insensitive.”
Reiterating a position he had taken earlier, Obi said the latest development strengthened his call for President Tinubu to step down from office.
“A few days ago, I called on President Tinubu to resign from office for incompetence, lack of capacity, lack of compassion, and failure to improve on his campaign promises.”
He added that, in his view, the alleged breakdown in accountability and public financial discipline underscores the need for greater transparency in government.
“It is now time for Nigerian citizens to rise within the law and hold this administration to account.”