The Presidential candidate, of the Nigeria Democratic Congress (NDC) Peter Obi, has described grand corruption as the greatest threat facing Nigeria, citing a recent International Monetary Fund (IMF) report which, according to him, raised fresh concerns over the management of public finances under the administration of President Bola Ahmed Tinubu.
In a statement shared on Sunday, Obi said the IMF’s latest consultation report indicated that about ₦8.83 trillion in public expenditure undertaken in 2025 was not reflected in the national budget, a situation he said points to a breakdown in fiscal accountability.
According to him, the expenditure was neither appropriated by the National Assembly, nor subjected to the normal administrative checks required for public expenditure.
“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 said.
The former Governor of Anambra State argued that the amount involved represented a significant portion of the country’s economy and exceeded allocations to key sectors.
He stated that the ₦8.83 trillion amounts to about two per cent of Nigeria’s Gross Domestic Product (GDP), more than 35 per cent of the 2025 capital expenditure budget of ₦23.96 trillion, and even surpasses the actual capital funds released during the year.
Obi further noted that the figure is higher than the combined federal allocations to education and health.
“Over 35% of Nigeria’s 2025 N23.96 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 (N3.52 trillion) and health (N2.38 trillion).”
He maintained that prudent use of such resources could have significantly improved 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. This is not an isolated incident.”
Obi alleged that the development reflects what he described as a recurring pattern of financial mismanagement under the current administration.
“This is a pattern of grand corruption that has become part of this administration.
“We have a lot to worry about regarding the state of corruption under President Tinubu. 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 capture of the Nigerian state and the plunder of its resources are actions that undermine the basis of state stability and deepen poverty and state failure.”
The opposition figure accused the ruling All Progressives Congress (APC) of failing to prioritise the welfare of Nigerians despite worsening economic hardship.
“This recent revelation proves that the APC government is grossly corrupt, incompetent, and insensitive. With the growing poverty and the urgent need for significant upgrades to social and physical infrastructure, a responsible and responsive government would ensure that N8.83 trillion is prudently utilised to address these gaps. But not the Tinubu administration.”
Reiterating an earlier position, Obi said the latest allegations strengthened his call for President Tinubu to step down.
“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. Some people thought perhaps the call was excessive.
“But with the daily revelations of pervasive corruption in this administration and its total lack of commitment to the welfare and security of Nigerian citizens, the only reasonable action is for President Tinubu to resign from office.”
He concluded by urging Nigerians to demand accountability through lawful means.
“The collapse of elementary forms of due process under Tinubu and the increased evidence of rampant looting of Nigerian public finances reinforce the need for greater accountability. It is now time for Nigerian citizens to rise within the law and hold this administration to account.
“A New Nigeria is POssible.” He said.
