Nigeria Ministry Challenges World Bank Debt Figures

The Nigerian ministry criticized the World Bank's Nigeria Development Update for presenting misleading figures regarding the country's debt situation.

The report indicated that interest payments amounted to ₦7.7 trillion, while federal revenue stood at ₦6.2 trillion during the specified period.

The ministry clarified that the interest payments included obligations for other tiers of government, such as external loans owed by states.

The ministry emphasized that comparing interest payments to federal revenue alone distorts the ratio, as it should be aligned with the same level of government.

Additionally, the ministry noted that the revenue figure did not account for income earned by government agencies and enterprises that had not yet been transferred to the Treasury.

The ministry also highlighted that statutory tax payments usually result in higher revenue collections during the second half of the year.