Presidential candidate of the Nigeria Democratic Congress, NDC, Mr Peter Obi, has accused the administration of President Bola Tinubu of presiding over what he described as “grand corruption,” citing an alleged N8.83 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 on Sunday, Obi claimed the reported expenditure was not captured in the 2025 budget, arguing that it was therefore outside legislative oversight and administrative scrutiny.
According to him, the N8.83 trillion represents about two per cent of Nigeria’s Gross Domestic Product (GDP), more than 35 per cent of the country’s 2025 capital budget of N23.96 trillion, and exceeds the combined allocations for education and health.
Obi said the funds, if properly utilised and accounted for, could have significantly improved public healthcare, education and job creation through the establishment of cottage industries.
He alleged that 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 (APC)-led administration as “grossly corrupt, incompetent and insensitive,” Obi argued that the alleged mismanagement of public resources had worsened the country’s economic and social challenges.
Reiterating an earlier call for Tinubu to resign, Obi said recent developments had reinforced his position that the President should step down over what he described as incompetence, lack of compassion and failure to fulfil campaign promises.
“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.
“N8.83 trillion is as follows:
“About 2% of our GDP.
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).
“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.
“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,” part of the statement read.
