Nigeria, July 5 -- The Federal Government has dismissed reports alleging that about 2% of GDP, over 8 trillion, was spent outside the approved budget, insisting that no "shadow budget" exists and that all public expenditure follows constitutional provisions.

In a statement issued Sunday by the Honourable Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, the government said recent commentary referencing the IMF Representative in Nigeria and the Fund's 2026 Article IV Consultation Report was incorrect and risked misleading the public on financial management.

"For the avoidance of doubt, the Federal Government does not operate a 'shadow budget' or expend public funds outside the constitutional and statutory fram...