By Luminous Jannamike
The African Democratic Congress (ADC) has challenged President Bola Tinubu to explain a $12.4 billion discrepancy in Nigeria’s external accounts identified by the World Bank, saying the amount is equivalent to nearly a quarter of the country’s N68.32 trillion 2026 federal budget.
The party said the discrepancy demands urgent answers, especially as Nigerians battling rising living costs are forced to account for every naira while the government faces questions over the country’s foreign earnings.
In a statement by its National Publicity Secretary, Bolaji Abdullahi, the ADC said Tinubu must account for the gap and disclose how oil export earnings and other foreign inflows are being managed.
According to the World Bank’s October 2026 Nigeria Development Update, the country recorded a $12 billion current-account surplus and $6.2 billion in net financial inflows in the first half of the year. The report, however, identified a $12.4 billion gap in Nigeria’s external accounts.
The World Bank attributed part of the discrepancy to oil export earnings that were not repatriated, noting that the return of export proceeds remained limited, partly because Nigerian crude had been pledged against several long-term loans.
The ADC said the scale of the discrepancy made a detailed public explanation imperative.
“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.
It accused Tinubu of celebrating the positive aspects of the World Bank report while failing to address the financial discrepancy it identified.
“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 said.
The party also linked the issue to the economic hardship facing households, arguing that Nigerians should not be made to bear the burden of economic reforms without corresponding transparency from the government.
“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 been used to ease their hardship is currently unaccounted for. Tinubu owes Nigerians an explanation,” it said.
“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 demanded that the Federal Government publish a full reconciliation of the $12.4 billion discrepancy and disclose all oil-backed loans and pledged crude commitments. It also sought updated net reserve figures and evidence of how higher revenues were improving healthcare, education and electricity supply.
“President Tinubu must open the books. Nigerians have sacrificed enough. We deserve answers,” the party said.
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