Nigeria's Government Disputes World Bank's Debt Claims

The Federal Government of Nigeria has contested the World Bank's assertion that its interest payments on debt consumed 124% of revenue in the first half of 2026. The Federal Ministry of Finance issued a statement on October 18, 2026, arguing that the figure is misleading as it does not consider all government revenue and combines debt obligations across various tiers of government.

The ministry explained that the interest payments include debts serviced by the Federal Government on behalf of other tiers, such as external loans to states. Additionally, the revenue figure cited excludes independent revenue earned by government agencies and enterprises that have not yet been remitted to the Treasury.

The ministry also noted that federal revenue typically rises in the second half of the year due to the timing of certain tax payments, making a half-year comparison an unreliable measure of the government's overall debt sustainability. In the first half of 2026, federal revenue increased by 72% year on year to N6.2 trillion, compared to N3.6 trillion in the same period of 2025.