The African Democratic Congress (ADC) has challenged President Bola Tinubu to explain a $12.4 billion (about N16.5 trillion) gap in Nigeria’s external accounts identified in the World Bank’s October 2026 Nigeria Development Update.
The party said the discrepancy demanded urgent clarification, particularly as millions of Nigerians grapple with rising living costs and worsening economic hardship.
In a statement on Saturday, signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC said the amount was too substantial to be dismissed as a routine accounting discrepancy.
According to the party, the World Bank report showed that Nigeria recorded a $12 billion current-account surplus and $6.2 billion in net financial inflows in the first half of 2026. However, the report also identified a $12.4 billion gap in the country’s external accounts.
The World Bank reportedly attributed part of the discrepancy to oil export earnings that were not repatriated, noting that the return of export proceeds remained limited, partly because Nigerian crude oil had been pledged against several long-term loans.
“The scale is staggering,” the ADC said, adding that the unexplained gap exceeded the entire current-account surplus recorded during the period.
The party further claimed that the amount was about 5-6 times the $2.2 billion Nigeria attracted in foreign direct investment and equivalent to nearly a quarter of the N68.32 trillion 2026 federal budget.
It accused the Tinubu administration of celebrating positive aspects of the World Bank report while failing to address the financial discrepancy.
“President Tinubu welcomed this report. He cannot celebrate one part of the report and stay silent on a gap bigger than the surplus that he and his government are celebrating,” the statement said.
The ADC linked the issue to the economic hardship confronting households, arguing that funds whose whereabouts remained unclear could have helped ease the burden on struggling Nigerians.
“Due to President Tinubu’s failed policies, families across Nigeria are forced to skip meals and account for every naira just to survive. Meanwhile, money that could have been used to ease their hardship is currently unaccounted for. Tinubu owes Nigerians an explanation,” it said.
The party added: “Sacrifice cannot be compulsory for everyday citizens while accountability remains optional for the government that is in charge of our collective resources.”
It called on the Federal Government to publish a comprehensive reconciliation of the $12.4 billion gap and disclose details of all oil-backed loans and crude oil commitments pledged against such facilities.
The ADC also demanded updated figures on Nigeria’s net foreign reserves and evidence showing how increased government revenues were translating into improved essential services, including healthcare, education and electricity.
“President Tinubu must open the books. Nigerians have sacrificed enough. We deserve answers,” the party said.
