Finance Ministry Rejects Claims of Missing $12.4bn in Nigeria’s External Accounts

The Federal Ministry of Finance has dismissed media reports suggesting that $12.4 billion in oil earnings went missing from Nigeria’s external accounts, describing the figure as a statistical discrepancy rather than lost or stolen money.

In a press release dated October 20, 2026, the ministry said the reports misrepresented findings in the World Bank’s October 2026 Nigeria Development Update (NDU).

According to the ministry, the World Bank identified net errors and omissions of minus $12.4 billion in Nigeria’s balance of payments for the first half of 2026, a statistical item reflecting differences between recorded financial transactions and available data.

The ministry explained that the figure did not represent an unexplained loss of oil revenue, contrary to some media headlines.

It added that the World Bank’s report only suggested that the residual was likely linked, in part, to oil proceeds that had not been repatriated, rather than establishing that a specific amount of money had disappeared.

The ministry further stated that the World Bank did not identify any particular amount, company or cargo involved in the discrepancy and acknowledged that data gaps could have contributed to the figure.

It said Nigeria’s external accounts record economic transactions between residents and the rest of the world, including trade, investment income and financial flows. When data from different sources do not fully reconcile, the difference is recorded under net errors and omissions.

The ministry stressed that such discrepancies do not automatically indicate theft, missing funds or money withheld by the government.

To support its position, the ministry cited improvements in Nigeria’s external account indicators, stating that the country recorded a current account surplus of $12 billion in the first half of 2026.

It also said gross external reserves increased from $45.5 billion at the end of 2025 to $53.8 billion at the end of August 2026.

The ministry noted that Nigeria had recorded negative statistical residuals in seven of the previous eight years, with figures varying across oil prices, exchange-rate regimes and administrations.

It also cited international examples, noting that large statistical discrepancies occur in other economies with advanced financial systems, including the United States and the United Kingdom.

Among the possible factors contributing to the first-half 2026 discrepancy, the ministry listed remittances moving through informal channels, cross-border trade that may not be fully recorded, delayed oil export payments and provisional financial data awaiting reconciliation.

It explained that oil cargoes may be recorded when shipped but paid for weeks later, while some companies may retain export proceeds abroad or use them to settle foreign obligations.

The ministry said the figures remained preliminary and could be revised as additional returns from companies and banks became available.

It added that it would continue working with the Central Bank of Nigeria and other relevant agencies to strengthen the recording of external transactions.

The statement was signed by Maryann Duke, Senior Special Assistant, Communications and Press Secretary to the Minister of Finance and Coordinating Minister of the Economy.

The ministry urged media organisations and commentators to seek clarification from subject-matter experts before drawing conclusions from technical financial data.