Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC), has accused President Bola Tinubu’s administration of presiding over “grand corruption,” citing an International Monetary Fund (IMF) consultation report that revealed N8.83 trillion in unbudgeted expenditure for 2025. In a statement titled “Grand Corruption: Nigeria’s Greatest Threat,” shared on his X account on Sunday, Obi argued that this massive spending was not included in the official 2025 budget, meaning it bypassed legislative oversight and administrative scrutiny. He described the revelation as alarming and a direct threat to Nigeria’s economic stability and democratic governance.
Obi emphasized that the N8.83 trillion represents approximately 2% of Nigeria’s Gross Domestic Product (GDP), more than 35% of the country’s 2025 capital budget of N23.96 trillion, and exceeds the combined allocations for education (N3.52 trillion) and health (N2.38 trillion). He stressed that if this sum had been properly managed and accounted for, it could have revolutionized public healthcare and education, while also creating thousands of jobs through the establishment of cottage industries. Instead, he said, the funds remain unaccounted for, raising serious questions about transparency and accountability in public finance.
The former Anambra State governor warned that this incident is not an isolated case but part of a systemic pattern of corruption under the current administration. He accused the All Progressives Congress (APC)-led government of disregarding basic public finance management rules, which he said undermines national security, deepens poverty, and weakens state institutions. Obi described the Tinubu administration as “grossly corrupt, incompetent, and insensitive,” arguing that mismanagement of public resources has worsened Nigeria’s economic and social crises.
Reiterating his earlier call for President Tinubu to resign, Obi stated that recent developments have reinforced his position. He cited the president’s failure to deliver on campaign promises, lack of compassion for citizens, and overall incompetence as reasons for stepping down. According to Obi, the IMF’s findings confirm a troubling trend of unaccounted spending that erodes public trust and threatens the integrity of Nigeria’s financial systems.
In his statement, Obi highlighted that the N8.83 trillion in unbudgeted expenditure is more than the actual capital funding released for 2025. He reiterated that such funds, if properly utilized, could transform key sectors of the economy. However, the lack of transparency and accountability, he said, suggests a culture of corruption that is deeply entrenched. Obi concluded by warning that continued disregard for financial rules poses a grave danger to the stability of the Nigerian state.
As Nigeria continues to grapple with economic challenges and governance issues, Obi’s allegations are likely to fuel ongoing debates about fiscal responsibility and the need for greater transparency in public spending. The issue may also influence public opinion ahead of upcoming elections, as citizens demand accountability from their leaders.
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