$12.4bn gap: FG says no evidence oil earnings were withheld
The Federal Ministry of Finance has dismissed reports suggesting that Nigeria’s $12.4 billion negative balance of payments residual in the first half of 2026 represents missing money or withheld oil earnings.
The ministry said the figure, identified by the World Bank as “net errors and omissions” in its October 2026 Nigeria Development Update, reflects discrepancies in the recording of the country’s external transactions rather than a confirmed loss of funds.
In a statement issued on Tuesday and signed by Maryann Duke, Senior Special Assistant, Communications and Press Secretary, the ministry accused some media reports of misrepresenting the World Bank’s findings by presenting the residual as an unexplained financial gap.
“It does not mean money has gone missing, been stolen or been withheld. It is not an account or a sum held anywhere,” the ministry said.
According to the ministry, the World Bank suggested that unrepatriated oil proceeds could partly explain the figure but also acknowledged that data gaps might have contributed.
It added that the report did not identify any specific amount, company or oil cargo associated with the residual, describing reports that implied $12.4 billion in oil earnings had been lost or withheld as misleading.
The ministry also cited other figures in the World Bank report, which showed that Nigeria recorded a current account surplus of $12 billion in the first half of 2026, while gross external reserves increased from $45.5 billion at the end of 2025 to $53.8 billion at the end of August 2026.
“These facts were overshadowed by the media’s headline framing. An economy losing US$12 billion in six months would not be adding over US$8 billion to its reserves,” the statement said.
