Nigeria’s Federal Interest Payments Surpass Revenue in 2026

The World Bank reported that Nigeria's federal government spent N7.7 trillion on interest payments during the first half of 2026, exceeding its total revenue of N6.2 trillion by N1.5 trillion. This figure represents a 124.19 per cent share of federal revenue, up from 2.5 per cent to 3.1 per cent of GDP.

Interest payments rose from N5.6 trillion in the first half of 2025 to N7.7 trillion in 2026, according to the World Bank's 2026 Nigeria Development Update. Federal revenue increased to N6.2 trillion, or 2.5 per cent of GDP, from N3.6 trillion, or 1.6 per cent of GDP, in the same period.

The World Bank attributed the higher interest payments to a recovery in oil receipts, stronger corporate tax collections, and increased independent revenues.