Former Labour Party presidential candidate, Peter Obi, has accused the administration of President Bola Ahmed Tinubu of presiding over what he described as “grand corruption,” citing findings from a recent International Monetary Fund consultation report.
In a statement posted on his official Facebook page on Sunday, Obi expressed concern over what he said was about N8.83 trillion in government expenditure undertaken in 2025 that was not reflected in the national budget.
According to him, the IMF report indicated that the expenditure was neither budgeted nor subjected to legislative oversight or administrative scrutiny.
Obi described the development as “horrible,” noting that the amount represents about two per cent of Nigeria’s Gross Domestic Product (GDP) and more than 35 per cent of the country’s N23.96 trillion capital expenditure budget for 2025.
He further stated that the figure exceeds the combined federal allocations to education and health, which stand at N3.52 trillion and N2.38 trillion, respectively. According to him, if properly utilised and accounted for, the funds could significantly improve the country’s public health and education sectors, create hundreds of cottage industries, generate jobs for thousands of graduates, and stimulate economic growth.
The former Anambra State governor said the alleged unbudgeted expenditure was not an isolated incident but part of what he described as a recurring pattern of grand corruption under the current administration.
He warned that the alleged disregard for public finance management rules poses a serious threat to national security, economic stability and the country’s development, adding that the alleged capture of state resources has deepened poverty and weakened public institutions.
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Obi also accused the ruling All Progressives Congress (APC) government of being “grossly corrupt, incompetent and insensitive,” arguing that a responsible administration would have deployed the N8.83 trillion to address pressing infrastructure deficits and improve the welfare of Nigerians.
The former presidential candidate recalled that he had recently called on President Tinubu to resign, citing what he described as incompetence, lack of capacity, lack of compassion and failure to deliver on campaign promises. He said the latest IMF revelation had further strengthened his position.
He maintained that the increasing allegations of corruption and the collapse of due process in public finance management reinforce the need for greater accountability in government.
Obi called on Nigerians to lawfully hold the Tinubu administration accountable, insisting that citizens must demand transparency and responsible governance.
He concluded his statement with his signature message,
“A New Nigeria is POssible.