$12.4bn gap: Finance ministry denies missing oil revenue

The Federal Ministry of Finance has dismissed claims that $12.4 billion in Nigeria’s external accounts is missing, saying the figure reflects a statistical discrepancy rather than evidence of stolen or withheld oil revenue. 
The ministry’s response follows reports on the World Bank’s October 2026 Nigeria Development Update, which identified a negative balance of payments residual of $12.4 billion in the first half of the year.
In a statement issued on Tuesday and signed by Maryann Duke, Senior Special Assistant, Communications and Press Secretary, the ministry said the reports misrepresented the World Bank’s findings by presenting the figure as an unexplained loss of funds.
Accordin...