The African Democratic Congress (ADC) has asked President Bola Tinubu’s administration to explain a $12.4 billion gap, equivalent to about ₦16.5 trillion, identified in the World Bank’s October 2026 Nigeria Development Update.
In a statement signed by its National Publicity Secretary, Bolaji Abdullahi, the party said the Federal Government owed Nigerians an explanation of the discrepancy amid rising living costs and economic hardship.
The ADC cited the World Bank report, which showed that Nigeria recorded a current account surplus of about $12 billion and net financial inflows of $6.2 billion in the first half of 2026.
The party argued that the inflows should have strengthened the country’s external reserves but noted that the report identified a $12.4 billion gap.
According to Abdullahi, the World Bank attributed part of the discrepancy to oil export earnings that were not repatriated. He also cited the report’s observation that the repatriation of export proceeds remained limited, partly because Nigerian crude oil had been pledged against several long-term loans.
“The scale is staggering,” the party said, describing the gap as larger than the current account surplus recorded during the period.
The ADC further said the amount was about 5.6 times the $2.2 billion Nigeria attracted in foreign direct investment and represented almost a quarter of the ₦68.32 trillion 2026 federal budget.
The party criticised the Federal Government for celebrating aspects of the World Bank report without addressing the identified discrepancy.
It also accused the Tinubu administration of imposing economic hardship on Nigerians while failing to provide sufficient accountability over the country’s resources.
“Sacrifice cannot be compulsory for everyday citizens while accountability remains optional for the government that is in charge of our collective resources,” the statement said.
The ADC called on the Federal Government to publish a comprehensive reconciliation of the $12.4 billion gap and disclose details of oil-backed loans and pledged crude oil commitments.
It also demanded updated net foreign reserve figures and evidence showing how increased government revenues were improving essential services, including healthcare, education and electricity.
“President Tinubu must open the books. Nigerians have sacrificed enough. We deserve answers,” the party said.
The demand follows the release of the World Bank’s October 2026 Nigeria Development Update, which examined the country’s economic and fiscal conditions.
