Nigeria's FG disputes World Bank figure on N7.7tn debt interest payments
Nigeria's government has rejected a World Bank finding that debt interest payments equalled 124 per cent of federal revenue, saying the calculation is misleading.
What happened
The World Bank's Nigeria Development Update reported that Nigeria's federal government debt servicing reached 124 per cent of federal government revenue in the first half of 2026, with interest payments put at N7.7 trillion.123
Nigeria's Federal Government disputed the assessment, with the Federal Ministry of Finance calling the 124 per cent figure misleading.24
The Finance Ministry said the calculation wrongly includes debt serviced by the federal government on behalf of other tiers of government, including external loans to states.4
Key points
- The World Bank's Nigeria Development Update reported that Nigeria's federal government debt servicing/interest payments reached 124 per cent of federal government revenue in the first half of 2026.123
- The Federal Government of Nigeria disagreed with the World Bank's assessment of the debt servicing figures.1234
- Interest payments in the period were put at N7.7 trillion.12
Where accounts differ
Each account is attributed to who makes it. We do not judge between them.
Whether the 124 per cent interest-to-revenue ratio accurately reflects the Federal Government's own debt burden
How it's framed
What each perspective puts first, based on headlines and summaries.
| Perspective | How it reads | What it puts first |
|---|---|---|
| Nigerian privately owned and independent pressAfrica | All four outlets reviewed are Nigerian and report the government's rebuttal to the World Bank figures, with varying emphasis on the specific wording of the Finance Ministry's explanation versus the bare fact of disagreement.1234 | government disagreement, debt servicing/revenue ratio, interest payments, misleading calculation |
What the coverage leaves out
- None of the outlets reviewed reported the World Bank's response to the Finance Ministry's rebuttal.
- None of the outlets reviewed provided the full Nigeria Development Update report or its broader context beyond the disputed ratio.
- None of the outlets reviewed reported reactions from independent economists, ratings agencies, or international lenders.
Why it matters
Sources (4)
Every outlet we drew on, grouped by where it is based. Read the originals for the full reporting.
Africa
- 1Channels TelevisionNGPrivate
Nigeria Disagrees With World Bank Over ₦7.7tn Debt Interest Payments
- 2PunchNGPrivate
- 3VanguardNGPrivate
FG disagrees with W/Bank over H1 124% debt servicing/revenue ratio
- 4Premium TimesNGIndependent
Finance Ministry faults claim that FG’s interest payments hit 124% of revenue