The African Democratic Congress (ADC) has called on President Bola Tinubu to explain a $12.4 billion discrepancy in Nigeria’s external accounts identified by the World Bank, arguing that the amount is too significant to go unexplained amid the economic hardship facing Nigerians.
The opposition party said the figure was equivalent to nearly a quarter of Nigeria’s N68.32 trillion federal budget for 2026, insisting that the Federal Government must clarify how the country’s foreign earnings are being managed.
In a statement issued by its National Publicity Secretary, Bolaji Abdullahi, the ADC demanded a detailed explanation of the gap and greater transparency over oil export proceeds and other foreign inflows.
According to the World Bank’s October 2026 Nigeria Development Update, Nigeria recorded a $12 billion current-account surplus and $6.2 billion in net financial inflows during the first half of the year. However, the report also highlighted a $12.4 billion discrepancy in the country’s external accounts.
The World Bank linked part of the gap to oil export earnings that had not been repatriated. It noted that the return of export proceeds remained limited, partly because Nigerian crude oil had been pledged against several long-term loans.
The ADC argued that the discrepancy required an urgent public explanation, pointing out that it exceeded the current-account surplus recorded during the same period.
“The scale is staggering. This unexplained gap is larger than the entire current-account surplus for the same period. It is about 5.6 times the $2.2 billion Nigeria attracted in foreign direct investment. In naira terms, it is almost a quarter of the N68.32 trillion 2026 federal budget,” the party said.
The opposition party also accused Tinubu of highlighting the positive findings in the World Bank report without adequately addressing the financial gap identified in the same document.
“This cannot be dismissed as a minor accounting 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 ADC stated.
The party linked the issue to the rising cost of living, arguing that Nigerians struggling to afford basic necessities deserved greater accountability from the government managing the country’s resources.
It criticised what it described as an unfair situation in which citizens were expected to endure economic sacrifices without sufficient transparency over public finances.
“Sacrifice cannot be compulsory for everyday citizens while accountability remains optional for the government that is in charge of our collective resources,” the party added.
The ADC called on the Federal Government to publish a comprehensive reconciliation of the $12.4 billion discrepancy and disclose details of oil-backed loans and crude oil commitments pledged against such borrowing.
It also demanded updated figures for Nigeria’s net foreign reserves and evidence showing how increased government revenues were translating into improvements in healthcare, education and electricity supply.
Concluding its demands, the party insisted that Nigerians deserved clear answers about the country’s external accounts and the management of its financial resources.
“President Tinubu must open the books. Nigerians have sacrificed enough. We deserve answers,” the ADC said.
