FG Challenges World Bank’s 124% Debt-Service-to-Revenue Ratio for H1 2026

The Federal Government has disputed the World Bank’s report that Nigeria’s debt-service-to-revenue ratio reached 124% in the first half of 2026. The Ministry of Finance said the comparison was misleading because the debt-service figure includes obligations paid on behalf of states, while the revenue figure covers only the Federal Government. It also said the revenue data excluded some independently generated income not yet remitted to the Treasury. According to the ministry, federal revenue rose from ₦3.6 trillion in H1 2025 to ₦6.2 trillion in H1 2026, while interest payments increased from ₦5.6 trillion to ₦7.7 trillion. It said the full-year debt-service-to-revenue ratio is the more appropriate measure, noting that the World Bank projects a 46% ratio for 2026.

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