Peter Obi Renews Call for Tinubu's Resignation Citing N8.83 Trillion IMF Report

The Labour Party's presidential candidate, Peter Obi, has once more urged President Bola Tinubu to step down from office. This fresh demand for President Tinubu's resignation follows a recent disclosure by the International Monetary Fund (IMF), which indicated that a substantial N8.83 trillion in expenditure undertaken in 2025 was not accounted for in the national budget.

Obi, in his official statement, characterized the IMF's revelation as 'horrible,' emphasizing that the significant sum identified by the IMF had not undergone the necessary legislative approval process. He asserted that this governmental action represents a 'pattern of grand corruption that has become part of this administration.'

In his call for President Tinubu's resignation, Obi highlighted a publication titled 'Grand Corruption: Nigeria’s Greatest Threat.' He stated, '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 N8.83 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 further broke down the magnitude of the N8.83 trillion, noting it constitutes:

1. Approximately 2% of Nigeria’s Gross Domestic Product (GDP).

2. Over 35% of Nigeria’s N23.96 trillion capital project budget for 2025, exceeding the actual capital funding released for that year.

3. More than the combined budget allocations for education (N3.52 trillion) and health (N2.38 trillion).

He argued that if such an amount were judiciously utilized and properly accounted for, it could significantly transform Nigeria’s public health and education sectors. It could also facilitate the creation of numerous cottage industries, generating employment for thousands of graduates and establishing a robust foundation for economic development. However, Obi lamented, 'we cannot account for it. This is not an isolated incident. This is a pattern of grand corruption that has become part of this administration.'

Expressing profound concern, Obi stated, 'We have a lot to worry about regarding the state of corruption under President Tinubu. The sort of corruption that is ingrained in total disregard of elementary rules of public finance management poses a grave danger to national security and the stability of the Nigerian state.' He added that the 'capture of the Nigerian state and the plunder of its resources are actions that undermine the basis of state stability and deepen poverty and state failure.'

According to Obi, this latest disclosure affirms that 'the APC government is grossly corrupt, incompetent, and insensitive.' He contended that in light of escalating poverty and the urgent need for substantial improvements in social and physical infrastructure, a responsible and responsive government would ensure the prudent utilization of N8.83 trillion to address these critical gaps, but 'not the Tinubu administration.'

Recalling a previous occasion, Obi mentioned, '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.' However, he concluded, '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. The collapse of elementary forms of due process under Tinubu and the increased evidence of rampant looting of Nigerian public finances reinforce the need for greater accountability. It is now time for Nigerian citizens to rise within the law and hold this administration to account. A New Nigeria is POssible.'