The Federal Government has faulted the World Bank’s assessment of Nigeria’s debt position, dismissing concerns that interest payments of N7.7tn in the first half of 2026 threaten the country’s debt sustainability.
The Federal Ministry of Finance described reports that interest payments amounted to 124 per cent of Federal Government revenue during the period as misleading, arguing that the calculation relied on incomplete revenue figures and included debt obligations serviced on behalf of state governments.
The ministry stated its position in a statement issued on Sunday and shared on X by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
According to the ministry, Nigeria’s fiscal position had improved, with revenue growing faster than interest payments.
It said, “The Federal Ministry of Finance has noted recent analysis and public commentary which, citing the World Bank’s October 2026 Nigeria Development Update, claims that Federal Government interest payments reached 124 per cent of revenue in the first half of 2026. This conclusion is misleading, for three reasons.”
The response followed reports based on the World Bank’s October 2026 Nigeria Development Update, which put Federal Government revenue at N6.2tn and interest payments at N7.7tn in the first half of the year.
An analysis of the published figures by The PUNCH showed that interest payments represented approximately 124.2 per cent of revenue, exceeding revenue by N1.5tn. The ratio was calculated from the figures published by the World Bank and was not expressly stated in the report.
