The presidential candidate of the Labour Party in the 2023 election, Peter Obi, has renewed his call for President Bola Tinubu to resign from office, citing concerns raised in a recent report by the International Monetary Fund (IMF).
Obi’s latest call follows an IMF report which stated that about ₦8.83 trillion in expenditure undertaken in 2025 was not reflected in the federal budget. According to Obi, the reported expenditure did not receive legislative approval, describing the development as “horrible” and alleging that it reflects a “pattern of grand corruption” under the current administration.
In a statement titled “Grand Corruption: Nigeria’s Greatest Threat,” Obi expressed concern over what he described as the lack of transparency and accountability in the management of public finances.
He said:
“The recent report from the IMF consultation further raises concerns about the scale of grand corruption under the Tinubu government. The IMF now reveals that about ₦8.83 trillion in expenditure undertaken in 2025 is not reflected in the budget. This expenditure is not budgeted and is therefore not under legislative oversight or administrative scrutiny. This is horrible.”
Obi highlighted the significance of the amount, noting that:
- It is equivalent to about 2% of Nigeria’s Gross Domestic Product (GDP).
- It represents more than 35% of the ₦23.96 trillion capital project allocation in the 2025 budget, and exceeds the actual capital funds released during the year.
- It is greater than the combined federal budget allocations for education (₦3.52 trillion) and health (₦2.38 trillion).
According to him, if properly utilised and accounted for, the funds could have significantly improved the country’s education and healthcare sectors, supported the establishment of small-scale industries, created employment opportunities, and contributed to economic development.
Obi further alleged that the reported expenditure was not an isolated incident but part of what he described as a recurring pattern of corruption within the administration.
He argued that corruption and disregard for public finance rules pose serious risks to national security, economic stability, and governance, adding that the alleged misuse of public resources contributes to rising poverty and weakens state institutions.
The former Anambra State governor also described the All Progressives Congress (APC)-led administration as “grossly corrupt, incompetent, and insensitive,” insisting that the reported expenditure should have been deployed to address pressing infrastructure and social welfare needs.
Reiterating an earlier demand, Obi said recent developments had strengthened his belief that President Tinubu should step down from office.
“A few days ago, I called on President Tinubu to resign from office for incompetence, lack of capacity, lack of compassion, and failure to improve on his campaign promises. Some people thought perhaps the call was excessive. But with the daily revelations of pervasive corruption in this administration and its total lack of commitment to the welfare and security of Nigerian citizens, the only reasonable action is for President Tinubu to resign from office.”
He concluded by urging Nigerians to demand greater accountability through lawful means, stating, “A New Nigeria is POssible.”
The Presidency has not issued an official response to Obi’s latest remarks at the time of filing this report.
