Ebenotopsy

A Father, Political Analyst , Financial Advisor,and a Trained Evangelist

[Yorùbáness @Yorubaness]

Yoruba dating app "Yetunde" is making alot of Progress. Who is getting married next? 🖤

[Jackson Hinkle 🇺🇸 @jacksonhinkle]

Referee Didn't Give Egypt a Penalty for this...

FIFA IS RIGGED!

[Instablog9ja @instablog9ja]

“The biggest deal I’ve ever closed was an oil and gas transaction valued at over $1 billion” — Billionaire Kola Karim reveals

[Ebenotopsy @ebenotopsy]

@PeterObi Very clueless Man. Must you compare Cape Verde to Nigeria? Every opportunity you have is to de-market Nigeria, very unfortunate!

[Ngozi Okonjo-Iweala @NOIweala]

⚽️ So proud of the performance of the African teams at the World Cup! Morocco @EnMaroc and Egypt @EFA have made it through so far, but @fcfCabo Verde was a stand out. DRC @FecofaRdc, Cote d‘Ivoire @equipenatciv, Ghana @ghanafaofficial also battled. Thanks to all for making us proud. Keeping fingers crossed on further progress! Would be exciting if Nigeria @thenff makes it through to the next World Cup.

[Ebenotopsy @ebenotopsy]

@AfricaFirsts A brand

[Taiwo Oyedele @taiwoyedele]

PRESS RELEASE

FEDERAL MINISTRY OF FINANCE

5 July 2026

𝐑𝐄𝐒𝐏𝐎𝐍𝐒𝐄 𝐓𝐎 𝐑𝐄𝐂𝐄𝐍𝐓 𝐌𝐈𝐒𝐑𝐄𝐏𝐑𝐄𝐒𝐄𝐍𝐓𝐀𝐓𝐈𝐎𝐍𝐒 𝐎𝐍 𝐏𝐔𝐁𝐋𝐈𝐂 𝐄𝐗𝐏𝐄𝐍𝐃𝐈𝐓𝐔𝐑𝐄

The Federal Government has noted recent public commentary alleging that approximately two percent of GDP amounting to over ₦8 trillion was spent outside the approved budget based on references to the IMF Representative in Nigeria and the Fund's 2026 Article IV Consultation Report. These claims are incorrect and risk misleading the public regarding the government's financial management.

For the avoidance of doubt, the Federal Government does not operate a "shadow budget" or expend public funds outside the constitutional and statutory framework established for public finance.

Under Sections 80 - 83 and 162 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), public funds may only be withdrawn and expended in accordance with the Constitution and laws enacted by the National Assembly. Accordingly, Federal Government expenditure is incurred pursuant to duly enacted Appropriation Acts, Supplementary Appropriation Acts, and other statutory authorities enacted by the National Assembly. In addition, multi-year capital projects which necessarily span multiple budgets are implemented in accordance with extant laws and approved provisions for capital rollovers where applicable. These are recognised features of public financial management and should not be misconstrued as expenditures outside the budget.

It is inaccurate to suggest that trillions of naira have been secretly spent outside legislative approval. Such allegations should have identified the specific projects purportedly executed without appropriation or legal authority and present credible evidence in support of the claim. To be meaningful, assertions of this magnitude must be supported by verifiable facts rather than conjecture.

For the purpose of public education, it is important to distinguish between appropriation, expenditure authorisation, financing, and fiscal reporting.

Nigeria's public finance framework contains several statutory transfers, first-line charges and intervention mechanisms established by Acts of the National Assembly. These include, among others:

- Statutory allocations and contributions to development commissions and other agencies created by law.

- Cost of collection and cost of administration retained by designated revenue-collecting agencies as expressly provided under relevant legislation.

- Capital expenditure approved in separate budgets for some agencies and the Federal Capital Territory by the National Assembly.

- Special interventions approved by law to address national priorities such as security, infrastructure, disaster response, and other strategic national programmes or emergencies.

- Debt service obligations and other statutory transfers that are authorised under applicable legislation.

These expenditures are neither secret nor illegal. They are established by law, disclosed in various fiscal reports, and subject to applicable oversight, audit and accountability mechanisms. Their treatment for reporting purposes may differ from their presentation in the annual Appropriation Act, particularly under international statistical and reporting standards adopted by the Federal Government. Such classification differences should not be misrepresented as evidence of unlawful expenditure.

It is equally incorrect to suggest that the reported amount represents an increase in budget deficit. A fiscal deficit is determined by the relationship between total government revenues and total government expenditures. Whether a capital project is financed through annual appropriations, supplementary appropriations, statutory transfers, approved intervention mechanisms, or other lawful financing arrangements does not, by itself, increase the fiscal deficit.

Indeed, the IMF's observation relates primarily to the comprehensiveness, timing and presentation of fiscal reporting rather than the legality of expenditure. Like many countries, Nigeria continues to strengthen the alignment between budget presentation and international fiscal reporting standards as part of ongoing public financial management reforms. As a matter of fact, His Excellency, President Bola Ahmed Tinubu, GCFR had himself formally requested the National Assembly to end the practice of running multiple and overlapping budgets, and rather harmonise into a single, cohesive framework during his presentation of the 2026 Appropriation Bill to a joint session of the National Assembly on December 19, 2025.

The Federal Government remains firmly committed to prudent fiscal management, transparency and accountability. Recent reforms have significantly strengthened public financial management with ongoing improvements in budget assumptions and credibility, transparent revenue administration, digitalisation of government financial processes, and stronger treasury management. These reforms have been acknowledged by the IMF itself and other multilateral institutions, as well as international credit rating agencies, major media organisations and investors.

Public debate is both welcome and essential in a democratic society. However, it should be based on facts and an accurate understanding of Nigeria's constitutional and fiscal framework. Mischaracterising technical observations as evidence of unlawful expenditure neither advances informed public discourse nor strengthens democratic accountability.

The Federal Government will continue to uphold the rule of law, maintain transparency in the management of public resources, and work with the National Assembly, oversight institutions, development partners and the Nigerian people to further strengthen fiscal governance in line with international best practices.

Signed:

Taiwo Oyedele
Honourable Minister of Finance and Coordinating Minister of the Economy
Federal Republic of Nigeria

[Mohammed Jammal @whitenigerian]

Sunday Sermon for Married Men. Should we repost far and wide???

[Ebenotopsy @ebenotopsy]

@StatiSense This is not correct ❌

[Africa Facts Zone @AfricaFactsZone]

Cape Verde Goalkeeper, Vozinha is now the World's Most Followed Goalkeeper on Instagram with 20.4 million followers.

He only had 50,000 followers before the 2026 World Cup. He emerged as one of the Breakout Stars following his amazing performances against Argentina and Spain.

[Fabrizio Romano @FabrizioRomano]

🍿😳 The smallest country ever at World Cup currently drawing 2-2 against reigning Champions Argentina on extra time.

500.000 population.

What a story. Cape Verde. 🇨🇻

[Ebenotopsy @ebenotopsy]

@proinexcel 49

[Ebenotopsy @ebenotopsy]

@Onsogbu He's a lobbyist and PR Expert.

[Ebenotopsy @ebenotopsy]

@instablog9ja Must they stay in Lagos?

[Tokunbo Wahab @tokunbo_wahab]

We sincerely apologize.

[Ebenotopsy @ebenotopsy]

@confindence24 80%

[Zamani @Zamani_WLK]

Ojukwu asked every Igbo across Nigeria to return home before he declared Biafra. You are sitting in Lagos, built on Yoruba land, shouting let’s divide Nigeria. You are not a revolutionary. You are a comedian without a punchline.

[Dr Dípò Awójídé @OgbeniDipo]

Because they were adequately educated, got good jobs and rose to the top of their career. Your family misfortune is not my fault. Heal.

[Dr Dípò Awójídé @OgbeniDipo]

UK born and bred. Went to the best schools in London and holds a solid managerial role. You no see say we dey go France 🇫🇷 today Mexico 🇲🇽 tomorrow Turkey 🇹🇷 next day? Again, not everyone is poor and the comment of the First Lady was about poor people & bottom of the pyramid.

[Àníkẹ́ Olójú Edé 🐝 @aniky_bee]

Your forefathers didn't agree to secession clause because they think they could rule Yorùbáland.

Omi wá tẹyin wọgbin lẹnu.