Nigeria's Finance Ministry Disputes World Bank Revenue Claims

The Federal Government of Nigeria has challenged the revenue figures presented in the World Bank’s October 2026 Nigeria Development Update, which indicated that interest payments accounted for 124% of the Federal Government's revenue in the first half of 2026. The Federal Ministry of Finance, led by Minister Taiwo Oyedele, stated that this conclusion is misleading due to three main reasons.

The ministry argued that the calculation compared obligations across multiple government tiers with revenue attributed solely to the Federal Government, which overstates the ratio. It noted that the interest payments included debts serviced on behalf of state governments.

Furthermore, the ministry claimed that the reported revenue did not include income earned by government agencies but not yet remitted to the Treasury. They emphasized that the interest-to-revenue ratio was 156% in the first half of 2025, while the full-year ratio was below 60%, indicating improved fiscal management.