Nigeria's Finance Ministry Denies 124% Debt Spending Claim

The Federal Government of Nigeria, represented by the Ministry of Finance, has rejected claims that it spent 124% of its revenue on debt interest payments in the first half of 2026. The ministry described the interpretation of the figures as misleading, stating that it failed to consider the scope of government debt obligations and the revenue used for comparison.

The ministry argued that a six-month assessment does not provide a complete picture of Nigeria’s debt sustainability. It noted that the analysis, attributed to the World Bank’s October 2026 Nigeria Development Update, included debt serviced by the Federal Government on behalf of other tiers of government.

The ministry emphasized that the revenue figure used was incomplete as it excluded independent revenue earned by government agencies. It also highlighted that government revenue typically increases in the second half of the year.

The ministry cited improvements in revenue collection, with federal revenue rising by 72% from N3.6 trillion to N6.2 trillion, while interest payments increased by 38% from N5.6 trillion to N7.7 trillion.