The African Democratic Congress (ADC) has challenged President Bola Ahmed Tinubu to explain a reported $12.4 billion gap in Nigeria’s external accounts, demanding full disclosure of oil earnings, crude-backed loans and other financial commitments.
The opposition party described the discrepancy, estimated at about N16.5 trillion, as alarming, arguing that the Federal Government must account for the funds amid rising living costs and growing economic hardship.
In a statement issued on Saturday by its National Publicity Secretary, Mallam Bolaji Abdullahi, the ADC said Nigerians deserved a detailed explanation of the figures contained in the World Bank’s October 2026 Nigeria Development Update.
According to the party, the 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, the reported $12.4 billion discrepancy has raised questions about the movement of funds and the repatriation of export earnings, the party said.
The ADC noted that the World Bank had reportedly linked part of the gap to oil export proceeds that were not repatriated to Nigeria, partly because some crude oil supplies had been committed against long-term loans.
Reacting to the findings, the party insisted that the scale of the discrepancy required urgent clarification from the President and relevant government agencies.
“The scale is staggering,” the ADC said, arguing that the gap exceeded the current-account surplus recorded during the period.
The party further claimed that the amount was approximately 5.6 times the $2.2 billion Nigeria attracted in foreign direct investment and represented nearly a quarter of the N68.32 trillion 2026 federal budget.
It maintained that the discrepancy should not be dismissed as a routine accounting matter, insisting that the government must provide a comprehensive reconciliation of the figures.
‘Nigerians Deserve Answers’
The ADC accused the Tinubu administration of highlighting favourable economic figures while failing to adequately address questions arising from the reported gap.
It said the issue was particularly troubling at a time when many households were struggling to afford food, healthcare, education and other essential services.
“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,” the statement added.
The party argued that the management of the country’s resources must be accompanied by transparency and accountability, insisting that citizens should not bear the burden of economic reforms without clear explanations of government financial transactions.
“Sacrifice cannot be compulsory for everyday citizens while accountability remains optional for the government that is in charge of our collective resources,” it declared.
Demands Details of Oil-Backed Loans
To address its concerns, the ADC called on the Federal Government to publish a comprehensive reconciliation of the $12.4 billion discrepancy, detailing the sources and movement of the funds and the factors responsible for the gap.
It also demanded the disclosure of oil-backed loans and crude oil commitments pledged to lenders, arguing that Nigerians needed to understand how such arrangements affected the country’s foreign exchange earnings and external reserves.
The opposition party further urged the government to release updated figures on Nigeria’s net external reserves and provide evidence that increased revenues were translating into better public services.
It specifically identified healthcare, education and electricity as sectors where citizens should see tangible benefits from the country’s earnings.
The ADC said any response from the government should include verifiable figures and detailed disclosures rather than general assurances.
“President Tinubu must open the books. Nigerians have sacrificed enough. We deserve answers,” the party said.
