Federal Ministry of Finance don defend Nigeria debt matter, as dem talk say money wey federal government dey collect dey increase faster pass interest wey dem dey pay on debt. Dem also argue say the claim wey talk say interest payment chop 124% of government revenue for the first half of 2026 no give the correct picture of the matter.
For one statement wey Ministry of Finance release for Abuja on October 18, dem talk say the calculation wey people dey use, based on World Bank October 2026 Nigeria Development Update, no show the full picture because e join federal government interest payments with revenue figures wey no cover everything.
According to the ministry, the interest figure include money wey Federal Government dey pay on external loans on behalf of state governments. But the revenue calculation no include some money wey government agencies and companies dey make by themselves, wey dem never send enter government treasury.
The ministry also talk say government revenue dey usually increase for the second half of the year because of the time wey dem dey pay some taxes. Na why dem say figures for half-year alone no fit give the full picture of the country’s financial position.
The ministry talk say federal government revenue increase by 72%, from ₦3.6 trillion for the first half of 2025 to ₦6.2 trillion for the same period for 2026.
Interest payments increase by 38%, from ₦5.6 trillion to ₦7.7 trillion. This one reduce the percentage of interest payment compared to government revenue from 156% to 124%.
The ministry also talk say the difference between government revenue and interest payments reduce from ₦2 trillion to ₦1.5 trillion. Dem describe these figures as evidence say economic reforms dey help government to collect more revenue.
The ministry talk say, “The conclusion no give the correct picture of the matter.” Dem urge analysts make dem compare figures wey cover the same level of government and explain debt figures with the correct background.
The ministry also point to one World Bank prediction wey talk say total debt payment, including interest and repayment of the original loan, go amount to 46% of government revenue for the whole of 2026.
According to the ministry, figures for the whole year dey give better picture to judge whether Nigeria fit continue to manage and pay im debts.
The ministry maintain say Federal Government borrowing dey follow the limits wey National Assembly approve and the relevant laws, including the Fiscal Responsibility Act of 2007.
However, na the Ministry of Finance interpretation of the figures be this. The 124% interest-to-revenue ratio for half-year and the projected 46% total debt-payment ratio for the full year cover different periods and different types of payments.
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