The IMF says Nigeria has failed to record public spending worth about 2% of GDP in official budgets, understating its true fiscal deficit and financing needs.
Nigeria omits 2% of GDP in spending from budgets — IMF
According to a report by Nairametrics, IMF Resident Representative in Nigeria, Christian Ebeke, disclosed this on Wednesday during an engagement with business executives in Lagos, explaining that capital projects executed off-budget have distorted assessments of the country’s fiscal position.
Ebeke said Nigerian authorities have begun reviewing recent budget laws to capture previously unrecorded expenditures, though updated implementation reports are still needed. He warned that incomplete reporting hampers fiscal-monetary policy coordination and raises accountability concerns.
The IMF separately cautioned Nigeria over a planned $5 billion derivatives-based financing deal with First Abu Dhabi Bank, citing complexity and lack of transparency.
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