<\/p>\n
George Mgbeleke<\/p>\n
The African Democratic Congress (ADC) has called on President Bola Ahmed Tinubu to explain the $12.4 billion (about N16.5 trillion) gap in Nigeria\u2019s external accounts identified in the World Bank\u2019s October 2026 Nigeria Development Update.<\/p>\n
In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party said President Tinubu owes Nigerians a clear account of the discrepancy, particularly at a time when families struggling with the cost-of-living crisis are forced to account for every naira.<\/p>\n
According to the report, Nigeria recorded a $12 billion current-account surplus and $6.2 billion in net financial inflows in the first half of 2026. That money should have strengthened the country\u2019s reserves. Instead, the report identified a $12.4 billion gap.<\/p>\n
The Bank said the gap reflects, in part, oil export earnings that were never brought home. It also noted that the return of export proceeds remains limited, partly because Nigerian oil has been pledged against several long-term loans.<\/p>\n
\u201cThe scale is staggering,\u201d the ADC said. \u201cThis 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.<\/p>\n
\u201cThis 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.<\/p>\n
\u201cDue to President Tinubu\u2019s 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.<\/p>\n
\u201cSacrifice cannot be compulsory for everyday citizens while accountability remains optional for the government that is in charge of our collective resources.<\/p>\n
The ADC called on the Federal Government to publish a full public reconciliation of the $12.4 billion gap and disclose all oil-backed loans and pledged crude commitments. It also demanded updated net reserve figures and clear evidence that higher revenues are improving essential services such as health, education and power.<\/p>\n
\u201cPresident Tinubu must open the books. Nigerians have sacrificed enough. We deserve answers.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
George Mgbeleke The African Democratic Congress (ADC) has called on President Bola Ahmed Tinubu to explain the $12.4 billion (about N16.5 trillion) gap in Nigeria\u2019s external accounts identified in the World Bank\u2019s October 2026 Nigeria Development Update. In a statement signed by its National Publicity Secretary, Mallam Bolaji Abdullahi, the party said President Tinubu […]<\/p>\n","protected":false},"author":2,"featured_media":9056,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-18718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/18718","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=18718"}],"version-history":[{"count":1,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/18718\/revisions"}],"predecessor-version":[{"id":18719,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/18718\/revisions\/18719"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/9056"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=18718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=18718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=18718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}