Odita Sunday 
ADC Demands Tinubu’s Explanation Over Reported $12.4bn Gap in Nigeria’s External Accounts
By Odita Sunday
The African Democratic Congress (ADC) has challenged President Bola Ahmed Tinubu to explain a reported $12.4 billion gap in Nigeria’s external accounts highlighted in the World Bank’s October 2026 Nigeria Development Update.
The party said the discrepancy, estimated at about ₦16.5 trillion, raised questions about the management of the country’s external earnings and the extent to which increased revenues were translating into improved living conditions for Nigerians.
In a press statement dated October 17, 2026, and signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC called on the Federal Government to provide a comprehensive account of the funds and disclose details of oil-backed loans and crude oil commitments.
According to the party, the World Bank report showed that Nigeria recorded a current-account surplus of $12 billion and net financial inflows of $6.2 billion in the first half of 2026. However, it said the report also identified a $12.4 billion gap in the country’s external accounts.
The ADC argued that the discrepancy warranted a detailed public explanation, particularly given the economic difficulties facing households across the country.
“The scale is staggering,” the party said, noting that the reported gap exceeded the current-account surplus recorded during the period and was approximately 5.6 times the $2.2 billion Nigeria attracted in foreign direct investment.
It further estimated that the amount was equivalent to nearly a quarter of the Federal Government’s ₦68.32 trillion budget for 2026.
The party said the reported gap should not be dismissed as a minor accounting discrepancy, arguing that the government needed to explain why the funds had not translated into a corresponding strengthening of the country’s reserves.
The ADC also cited the World Bank’s reported concerns about oil export earnings that were not repatriated to Nigeria and the limited return of export proceeds, partly attributed to crude oil pledged against long-term loans.
It called on Tinubu to explain the situation, accusing his administration of failing to ensure that the country’s resources delivered sufficient relief to citizens grappling with the cost-of-living crisis.
“Sacrifice cannot be compulsory for everyday citizens while accountability remains optional for the government that is in charge of our collective resources,” the party said.
The ADC outlined three key demands: a full public reconciliation of the reported $12.4 billion gap, disclosure of oil-backed loans and pledged crude oil commitments, and updated figures on Nigeria’s net external reserves.
It also urged the Federal Government to provide evidence that increased revenues were translating into improved essential services, particularly healthcare, education and electricity.
The party concluded by calling for greater transparency in the management of Nigeria’s public finances.
“President Tinubu must open the books. Nigerians have sacrificed enough. We deserve answers,” the statement said.
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