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Concerns are mounting over the President Bola Tinubu-led government’s handling of public finances following revelations of conflicting revenue figures contained in official documents and public statements, at a time when Nigerians are grappling with rising living costs and economic hardship.
Findings by the BudgIT Foundation indicate that the Budget Office of the Federation, under the Ministry of Budget and Economic Planning, has failed to publish full and detailed budget implementation reports that would enable citizens to track how public funds are generated and spent.
In the absence of these reports, analysts have turned to data from the Medium-Term Expenditure Framework (MTEF), which paints a troubling picture of the nation’s fiscal position.
According to the MTEF, as of July 2025, the Federal Government had generated about ₦13.6 trillion in revenue, while total expenditure had risen sharply to ₦20.39 trillion within the same period. The figures suggest a substantial fiscal deficit, implying that the gap must be financed through borrowing or other funding sources.
“This means government spending has far outpaced revenue, raising serious concerns about how the deficit is being financed and the long-term implications for the economy,” BudgIT noted in its analysis.
However, the controversy deepened following a public statement by the Minister of Finance, who disclosed that the Federal Government had raised only ₦10.7 trillion in revenue so far.
The figure is nearly ₦3 trillion lower than what is recorded in the MTEF, triggering questions about the accuracy and consistency of official fiscal data.
“These conflicting numbers raise critical questions,” BudgIT stated.
“Why do official government documents and ministerial statements not align? Which figures should Nigerians rely on?”
Civil society group MonITNG described the situation as alarming, insisting that citizens deserve clarity on how public funds are managed.
“If ₦20.39 trillion has already been spent, Nigerians deserve to know where the money came from, how much was borrowed, under what terms, and exactly what it was spent on,” MonITNG said.
“Without clear answers, citizens are left in the dark while the cost of governance continues to rise.”
Analysts warn that the lack of transparency has far-reaching consequences for ordinary Nigerians.
Increased borrowing to cover deficits could lead to higher debt servicing costs, reducing funds available for critical sectors such as healthcare, education, infrastructure, and social welfare.
“Borrowing today means heavier debt burdens tomorrow,” BudgIT warned.
“When spending happens without transparent reporting, accountability weakens and waste thrives.”
The BudgIT Foundation reiterated its long-standing call for timely disclosure, transparency, and consistency in public financial reporting, urging the government to release reconciled and easy-to-understand data on revenue, borrowing, and expenditure.
“In a democracy, the budget belongs to the people, not just government officials,” BudgIT emphasised.
“Transparency is not a favour; it is a responsibility.”
Echoing this sentiment, MonITNG urged Nigerians to demand accountability from public officials.
“Nigerians must ask questions,” the group said.
“Clear answers are not optional — they are essential for trust, accountability, and responsible governance.”
