The African Democratic Congress (ADC) has challenged President Bola Tinubu to explain a $12.4 billion gap in Nigeria’s external accounts identified by the World Bank, describing the discrepancy as a major accountability question amid the country’s worsening cost-of-living crisis.
Bolaji Abdullahi, ADC National Publicity Secretary, in a statement on Sunday said the gap, equivalent to about N16.5 trillion, was too significant to be dismissed as an accounting discrepancy, noting that it represented almost a quarter of Nigeria’s N68.32 trillion 2026 federal budget.
The party cited the World Bank’s October 2026 Nigeria Development Update, which reported that Nigeria recorded a $12 billion current-account surplus and $6.2 billion in net financial inflows in the first half of 2026. Despite these inflows, the report identified a $12.4 billion gap.
The ADC said the World Bank attributed part of the discrepancy to oil export earnings that were not repatriated, while noting that the return of export proceeds remained limited partly because Nigerian crude had been pledged against long-term loans.
“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,” the opposition party said.
The party accused the Tinubu administration of demanding sacrifices from Nigerians without providing sufficient accountability for the country’s resources.
“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.
“Sacrifice cannot be compulsory for everyday citizens while accountability remains optional for the government that is in charge of our collective resources,” the ADC added.
The ADC called on the federal government to publish a comprehensive reconciliation of the $12.4 billion gap, disclose all oil-backed loans and pledged crude commitments, and provide updated net foreign reserve figures.
It also demanded evidence that increased 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.
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