ADC Asks Tinubu to Explain Reported $12.4bn Gap in Nigeria’s External Accounts

The African Democratic Congress has challenged President Bola Tinubu to explain a reported $12.4bn discrepancy in Nigeria’s external accounts, demanding greater transparency over oil export earnings and the country’s foreign financial inflows.

The opposition party made the demand in a statement issued by its National Publicity Secretary, Bolaji Abdullahi, following reports about the World Bank’s October 2026 Nigeria Development Update.

According to Vanguard News, the ADC argued that the reported discrepancy required a detailed public explanation, particularly as Nigerians continue to grapple with rising living costs.

The party also questioned the management of the country’s foreign earnings and called on the Federal Government to account for the gap identified in the report.

The World Bank’s October 2026 economic update provides an assessment of Nigeria’s economic performance, including developments in growth, inflation, government revenue and the country’s external position.

In a statement published on October 8, the World Bank said Nigeria’s current-account surplus rose to $12bn in the first half of 2026, representing 7.1 per cent of gross domestic product, compared with $8.6bn, or 6.7 per cent of GDP, in the corresponding period of 2025.

The institution attributed the improvement partly to higher oil prices, which strengthened export earnings. It also noted that oil-backed financing arrangements and existing commitments involving future oil sales moderated the gains in government revenue.

However, the accessible summary of the World Bank’s report does not independently establish the precise $12.4bn discrepancy cited by the ADC or provide enough detail to determine its full composition.

The party said the reported gap was particularly significant when compared with other figures in the country’s external accounts.

It cited the reported $12bn current-account surplus and $2.2bn in foreign direct investment, arguing that the discrepancy deserved a comprehensive explanation from the Federal Government.

The ADC also criticised the administration for highlighting positive aspects of the World Bank’s economic assessment without adequately addressing the reported gap.

It maintained that Nigerians deserved transparency regarding the management of the country’s foreign earnings, especially amid the economic pressure facing households.

ADC demands disclosure

The opposition party called on the Federal Government to publish a detailed reconciliation of the reported $12.4bn discrepancy.

It also demanded disclosure of oil-backed loans and commitments involving pledged crude oil, alongside updated figures on the country’s net foreign reserves.

The party further called for evidence showing how increased government revenue was translating into improvements in public services, including healthcare, education and electricity supply.

It argued that the government should demonstrate how its economic policies and increased revenues were benefiting Nigerians.

What the World Bank says

The World Bank’s October 2026 update reported an improvement in Nigeria’s external position, supported partly by higher oil prices and increased foreign portfolio inflows.

Its October 8 statement said the country’s gross external reserves had risen above $54bn in September, with foreign portfolio inflows contributing substantially to the increase.

The institution also warned that the benefits of improved economic performance needed to translate into better public services, stronger job creation and improved living standards.

While the World Bank’s published summary provides context on Nigeria’s external accounts and oil-related financing commitments, the available material does not establish that the reported $12.4bn discrepancy represents stolen funds or a confirmed loss to the public treasury.

The Federal Government’s detailed reconciliation of the figure, including the precise nature of the discrepancy and the extent to which oil export proceeds and financing arrangements account for it, remains central to resolving the questions raised by the ADC.