The African Democratic Congress (ADC) has asked President Bola Tinubu to explain a $12.4 billion gap in Nigeria’s external accounts identified in the World Bank’s October 2026 Nigeria Development Update.
In a statement signed by its National Publicity Secretary, Bolaji Abdullahi, the party says the gap, estimated at N16.5 trillion, requires a full public explanation, especially as Nigerians continue to face rising living costs.
According to the World Bank report, 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 identified a $12.4 billion gap, partly linked to oil export earnings that were not repatriated. It also cited the limited return of export proceeds, partly because Nigerian crude oil has been pledged against long-term loans.
The ADC says the amount is almost a quarter of the N68.32 trillion 2026 federal budget and is significantly higher than the $2.2 billion in foreign direct investment recorded during the period.
The party argues that the government cannot celebrate the country’s economic gains without addressing the discrepancy, adding that Nigerians deserve transparency over the management of public resources.
It has asked the Federal Government to publish a detailed reconciliation of the $12.4 billion gap, disclose all oil-backed loans and pledged crude commitments, and provide updated figures on the country’s net foreign reserves.
The ADC also wants evidence that increased government revenue is translating into better public services, including healthcare, education and electricity.
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