Nigeria Finance Ministry Disputes World Bank Debt Findings

The Federal Ministry of Finance has disputed a World Bank finding that Nigeria's interest payments reached 124 percent of its revenue during the first half of 2026. The ministry argues the figure is misleading because it compares interest payments—which include debts the federal government services on behalf of states and other government tiers—against federal revenue alone.

Government officials claim the World Bank's revenue figures exclude independent earnings from government agencies not yet remitted to the Treasury and ignore the higher tax collections typically recorded in the second half of the year. To counter the report, the ministry noted that federal revenue grew by 72 percent to N6.2 trillion in the first half of 2026, while interest payments rose by only 38 percent to N7.7 trillion.

The ministry maintains that debt sustainability must be assessed on a full-year basis rather than six-month intervals, citing a World Bank projection that full-year 2026 debt service will be 46 percent of revenue. The government asserted that all borrowing remains in compliance with the 2026 Appropriation Act and the Fiscal Responsibility Act 2007.