OTUNBA EKITI 🌍

@VINCENT_786

Young, vibrant intelligent, Proudly Ọmọ Ẹ̀fọ̀n-Aláayè in Ekiti State; Advocate of a better Nigeria 🇳🇬 @chelseafc Fan. An enthusiast with great vision.

Ado Ekiti, Nigeria

Joined October 2011

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2.7K Followers

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OTUNBA EKITI 🌍 @VINCENT_786

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Daniel Otabor

@DanielOtabor

10 days ago

Dear Mr. @taiwoyedele Honourable Minister, Thank you for taking the time to address the concerns raised following the IMF’s observations. Public engagement on matters of fiscal policy is essential, and your willingness to respond is welcome. I believe your statement correctly makes one important distinction that should not be lost in the public debate. The IMF did not accuse the Federal Government of operating an illegal “shadow budget,” nor did it allege that public funds were stolen or expended without legal authority. It is therefore right to caution against characterising the IMF’s observations as allegations of criminality where none were made. However, the issue that appears to remain unanswered is the very concern the IMF raised. The question is not simply whether the expenditure was lawful. The question is why expenditure equivalent to approximately 2% of GDP was reportedly not reflected in the official budget in a manner that resulted in a divergence between Nigeria’s reported fiscal deficit and its actual financing needs. That distinction matters. Expenditure can be perfectly lawful and still not be presented in a way that provides citizens, legislators, investors and development partners with a complete picture of the government’s fiscal position. Transparency is not only about legality; it is also about comprehensiveness, clarity and faithful representation. Your statement explains that some expenditures arise through statutory transfers, first-line charges, multi-year capital projects, intervention mechanisms and other lawful arrangements. If these categories account for the IMF’s observations, it would greatly strengthen public confidence if the Ministry published a reconciliation showing how those expenditures relate to the figures referenced by the IMF. Such a reconciliation would move the discussion from competing narratives to verifiable facts. Which is important at this point. Specifically, it would be helpful to clarify: 1. Which expenditures make up the approximately 2% of GDP referenced by the IMF? 2. In which public fiscal reports are those expenditures disclosed? 3. How do those reported figures reconcile with the approved Appropriation Acts and the government’s published fiscal deficit? 4. Why did the IMF conclude that there was a difference between the reported fiscal deficit and the government’s actual financing needs if the reporting already presents a complete picture? I also commend your reference to President Bola Ahmed Tinubu’s request to eliminate overlapping and multiple budgets. That acknowledgement suggests there is room for improving the coherence and presentation of Nigeria’s fiscal framework, which appears broadly consistent with the IMF’s recommendation. Ultimately, this should not become a debate about whether the government acted lawfully versus whether the IMF acted responsibly. Both can be acting in good faith while highlighting different aspects of the same issue. The public deserves clarity on both legality and transparency. The strongest way to settle this matter is through evidence. A detailed reconciliation of the relevant expenditures, their legal basis, and their treatment in Nigeria’s fiscal reports would answer the IMF’s observations far more convincingly than competing interpretations ever could.

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