FG Disputes World Bank Debt Figures, Says Revenue Growth Is Outpacing Interest Costs

The Federal Government has challenged concerns raised from the World Bank’s latest Nigeria Development Update, which showed interest payments of ₦7.7 trillion against federal revenue of ₦6.2 trillion in the first half of 2026. The Ministry of Finance said the 124 per cent interest-to-revenue calculation was misleading because the interest figure includes debt obligations serviced on behalf of state governments. It also said some government revenue had been earned but not yet remitted to the Treasury, while several taxes are collected mainly in the second half of the year. According to the ministry, federal revenue rose by 72 per cent from ₦3.6 trillion in the first half of 2025 to ₦6.2 trillion in the same period of 2026. Interest payments increased by 38 per cent, from ₦5.6 trillion to ₦7.7 trillion. The government argued that the full-year debt-service-to-revenue projection of 46 per cent gives a clearer picture of debt sustainability, although it did not provide revised figures or an alternative ratio.

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