By Emmanuel Enietan
The Federal Government has refuted claims of hidden or undisclosed spending in a recent report by the World Bank, insisting that its fiscal operations remain transparent and in line with established public finance regulations.
In a statement issued on Monday, the Federal Ministry of Finance said the interpretation suggesting off-the-books expenditures was inaccurate and did not reflect the government’s accounting and reporting standards.
According to the ministry, all government expenditures are captured within the national budget framework and subjected to oversight mechanisms, including audits and legislative scrutiny. It stressed that there are no parallel or concealed spending channels outside the officially approved fiscal structure.
The government noted that the World Bank report had highlighted concerns around fiscal risks and data reconciliation, but maintained that such observations should not be misconstrued as evidence of hidden spending.
Officials explained that differences in reporting formats, timing of disclosures and classification of certain expenditures could account for perceived discrepancies, adding that ongoing reforms are aimed at strengthening transparency and improving public financial management systems.
The statement further emphasised that Nigeria has continued to align its fiscal practices with global standards, including the adoption of improved reporting templates and digital tracking of government revenues and expenditures.
Economic analysts, however, urged the government to publish more detailed breakdowns of spending to address lingering concerns and reinforce public confidence, particularly at a time of heightened scrutiny over public finances.
The Federal Government reiterated its commitment to accountability, assuring stakeholders that it would continue to engage with the World Bank and other development partners to clarify issues raised in the report and enhance the credibility of its fiscal data.
