Federal Government Disputes World Bank’s 124% Debt-Service-to-Revenue Ratio

Nigeria’s Federal Ministry of Finance disputes the World Bank’s estimate that federal debt servicing reached 124% of revenue in the first half of 2026. The ministry says the calculation includes debt serviced for state governments, while the revenue figure excludes income earned by government agencies but not yet transferred to the Treasury. It reports that federal revenue rose 72% to ₦6.2 trillion between the first halves of 2025 and 2026, while interest payments increased 38% to ₦7.7 trillion. The ministry says debt sustainability should be assessed over a full year and points to the World Bank’s projection of a 46% debt-service-to-revenue ratio for 2026.