Roughly 2% of Nigeria’s GDP in public spending is missing from its official budget records, creating a mismatch between reported deficits and actual borrowing needs, IMF resident representative Christian Ebeke said this week. The gap stems largely from major government projects carried out off-budget, which understate the true scale of the country’s fiscal deficit and distort assessments of public investment. Ebeke, speaking to business leaders in Lagos, said correcting the discrepancy is essential for accurate policymaking and better coordination between fiscal and monetary authorities. He noted Nigerian officials have started addressing the issue by revising budget laws to capture previously unrecorded spending, though updated implementation reports are still needed.
CNBC Africa