• Says gap equivalent to almost a quarter of 2026 budget
Chuks Okocha in Abuja
The African Democratic Congress (ADC) has called on President Bola Tinubu to explain the $12.4 billion gap, equivalent to about N16.5 trillion, 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, Mallam Bolaji Abdullahi, the party said Tinubu owed Nigerians a clear account of the discrepancy, especially as families struggling with the cost-of-living crisis were forced to account for every naira.
Citing the report, the ADC said Nigeria recorded a $12 billion current-account surplus and $6.2 billion in net financial inflows in the first half of 2026.
The party said these inflows should have strengthened the country’s reserves, but the report instead identified a $12.4 billion gap.
Abdullahi said the World Bank attributed the gap, in part, to oil export earnings that were not repatriated. He added that the report noted that the repatriation of export proceeds remained limited, partly because Nigerian oil had been pledged against several long-term loans.
“The scale is staggering,” the ADC said.
“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.
“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.
“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 eased their hardship is currently unaccounted for. Tinubu owes Nigerians an explanation.
“Sacrifice cannot be compulsory for everyday citizens while accountability remains optional for the government that is in charge of our collective resources.”
The ADC called on the federal government to publish a full public reconciliation of the $12.4 billion gap and disclose all oil-backed loans and pledged crude commitments.
It also demanded updated net reserve figures and clear evidence that higher revenues were improving essential services such as health, education and power.
“President Tinubu must open the books. Nigerians have sacrificed enough. We deserve answers,” the party said.