ADC Demands Explanation from Tinubu on $12.4bn Gap

The African Democratic Congress (ADC) has called on President Bola Tinubu to explain a $12.4 billion gap in Nigeria's external accounts, as highlighted in the World Bank's October 2026 Nigeria Development Update. The statement, signed by National Publicity Secretary Mallam Bolaji Abdullahi, emphasizes that this discrepancy, equivalent to about N16.5 trillion, demands a clear explanation from the president, especially as families face a cost-of-living crisis.

The ADC noted that Nigeria recorded a $12 billion current-account surplus and $6.2 billion in net financial inflows in the first half of 2026, which should have bolstered the country’s reserves. However, the report indicated a $12.4 billion gap, attributed partly to unreturned oil export earnings, with the repatriation of export proceeds limited due to long-term loans against Nigerian oil.

The ADC stated that this gap is larger than the current-account surplus and represents nearly a quarter of the N68.32 trillion federal budget for 2026.