Finance Ministry Challenges 124% Interest Payment Claim

The Federal Ministry of Finance has refuted claims that the Federal Government’s interest payments reached 124 per cent of its revenue in the first half of 2026, calling the interpretation of the figures misleading.

In a statement released in Abuja on Sunday, the ministry stated that the analysis, which referenced the World Bank’s October 2026 Nigeria Development Update, compared mismatched figures and used an incomplete revenue base.

The ministry clarified that the interest payment figure included debt serviced on behalf of other tiers of government, such as external loans to states, while the revenue figure excluded independent revenue earned by government agencies and enterprises not yet remitted to the Treasury.