The Federal Government has defended Nigeria’s debt position, insisting that rising revenue and ongoing economic reforms demonstrate progress despite concerns raised by the World Bank over the ₦7.7 trillion spent on interest payments in the first half of 2026.....KINDLY READ THE FULL STORY HERE▶

The government rejected the World Bank’s assessment that interest payments amounted to 124 per cent of federal revenue between January and June 2026, describing the figure as misleading because it relied on incomplete revenue data and included debt obligations serviced on behalf of state governments.

The Federal Ministry of Finance outlined its position in a statement issued on Sunday and shared on X by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.

The response followed the World Bank’s October 2026 Nigeria Development Update, which raised concerns about the country’s growing debt-servicing burden.

According to the ministry, Nigeria’s financial position has improved because government revenue is increasing at a faster rate than interest expenses.

The ministry identified three reasons it believes the World Bank’s 124 per cent figure should not be used in isolation to assess the country’s debt sustainability.

First, it argued that the interest payments included obligations the Federal Government services on behalf of other levels of government, including external loans obtained by state governments. Comparing these payments with federal revenue alone, it said, creates a misleading picture because the figures cover different levels of government.

Second, the ministry maintained that the revenue figure used in the calculation was incomplete because it excluded funds already earned by government agencies and enterprises but not yet remitted to the Treasury.

Third, it explained that some taxes are collected predominantly in the second half of the year because of statutory payment schedules, making first-half revenue an incomplete basis for evaluating the government’s annual debt obligations.

The ministry noted that the interest-to-revenue ratio declined from 156 per cent in the first half of 2025 to 124 per cent during the corresponding period in 2026.

It added that Nigeria’s full-year debt-service-to-revenue ratio stood below 60 per cent in 2025, compared with 97 per cent before the current administration introduced its economic reforms.

The Finance Ministry disclosed that Federal Government revenue rose by 72 per cent between the first half of 2025 and the first half of 2026.

According to the figures released, revenue increased from ₦3.6 trillion to ₦6.2 trillion during the period.

Interest payments, meanwhile, rose by 38 per cent, from ₦5.6 trillion to ₦7.7 trillion.

The ministry argued that the figures demonstrate that revenue is growing considerably faster than the cost of servicing debt.

It also stated that the difference between interest payments and revenue narrowed from ₦2 trillion in the first half of 2025 to ₦1.5 trillion in the first half of 2026.

The statement read, “Revenue is therefore growing almost twice as fast as interest costs. As a result, the interest-to-revenue ratio fell by 32 percentage points in a single year, from 156% to 124%.”

The ministry described the development as evidence that the government’s economic reforms were yielding results rather than an indication that the country’s finances were in distress.

The Finance Ministry further argued that Nigeria’s debt sustainability should be assessed using full-year figures rather than data covering only six months.

It cited the World Bank’s projection that Nigeria’s total debt service, covering both interest and principal repayments, would account for 46 per cent of revenue for the full year in 2026.

The ministry described the projection as a more appropriate measure for evaluating the country’s debt position.

It also maintained that all Federal Government borrowing remained within the limits approved by the National Assembly under the 2026 Appropriation Act and the approved borrowing plan.

According to the ministry, the government’s borrowing activities comply with the Fiscal Responsibility Act 2007 and the Debt Management Office (Establishment) Act 2003.

It added that information on government borrowing is regularly published by the Debt Management Office.

While acknowledging the importance of public scrutiny of government finances, the ministry urged analysts and commentators to assess the figures within their proper context.

It advised those evaluating Nigeria’s debt position to compare figures covering the same level of government and account for the timing of revenue collection before reaching conclusions about the country’s fiscal health.

Former Kogi State Governor, Yahaya Bello, has expressed confidence in his chances of defeating Senator Natasha Akpoti-Uduaghan in the 2027 Kogi Central senatorial election.....KINDLY READ THE FULL STORY HERE▶

Bello, who is seeking a seat in the Senate to represent the district, predicted a decisive victory in the forthcoming election scheduled for January 16, 2027.

The former governor is a member of the All Progressives Congress (APC), while Akpoti-Uduaghan currently represents Kogi Central in the Senate under the Peoples Democratic Party (PDP).

Speaking during an appearance on TVC’s Sunday Politics, Bello expressed confidence in the level of support he believes he enjoys among voters in the senatorial district.

He maintained that the election results would demonstrate his political strength, predicting that the APC would secure a convincing victory when voters head to the polls.

Bello also declared his readiness for the contest, insisting that he expected the votes to favour him and his party.

He said, “17 January 2027 is around the corner, the result will speak for itself. Let the day come and go, the day will bring massive votes, a decisive victory for Yahaya Bello, the former governor of Kogi State, and for APC.”

The anticipated contest comes against the backdrop of a longstanding rift between Bello and Akpoti-Uduaghan, whose relationship has been characterised by public disagreements, accusations and legal disputes.

In October 2022, Bello accused Akpoti-Uduaghan of having links to the Ajaokuta killings and the Kuje prison break, incidents that occurred between June and July of that year.

However, the senator rejected the allegations, stating that she was in the United States during the period for pregnancy-related reasons and childbirth.

The planned 2027 election is expected to be a closely watched political contest in Kogi Central, with Bello seeking to unseat the incumbent senator and secure the district’s representation for the APC.

President Bola Tinubu has met with eight suspended members of the Zamfara State House of Assembly who recently resigned from the All Progressives Congress (APC).....KINDLY READ THE FULL STORY HERE▶

The lawmakers reportedly reaffirmed their support for the ruling party during the meeting at the Presidential Villa in Abuja.

The Minister of State for Defence and former Zamfara State Governor, Bello Matawalle, led the delegation to meet with the President.

According to a statement issued on Monday by Ahmad Dan-Wudil, the media aide to Matawalle, the lawmakers expressed their commitment to Tinubu and declared their intention to remain with the APC.

Dan-Wudil also disclosed that Matawalle promised to integrate the legislators into the Tinubu Again Movement, where they would work towards securing the President’s re-election and ensuring victory for APC candidates in the 2027 general elections.

The eight lawmakers are Aliyu Ango Kagara, representing Talata Mafara South; Ibrahim Tukur Bakura, representing Bakura; Faruk Musa Dosara, representing Maradun I; Bashir Abubakar Masama, representing Bukkuyum North; Muktaru Nasiru Kaura, representing Kaura North; Nasiru Abdullahi, representing Maru North; Bashar Bello, representing Bungudu West; and Bashar Aliyu, representing Gummi I.

The lawmakers were suspended by the Zamfara State House of Assembly on February 26, 2024, over allegations of gross misconduct, conspiracy and holding an illegal sitting. Their suspension was extended on May 13, 2026.

The Speaker of the Assembly, Bilyaminu Ismail Moriki, had explained that the disciplinary action preceded the lawmakers’ political move and was related to issues within the legislature.

In their resignation letters, the lawmakers cited alleged injustice, divisions among APC leaders in Zamfara State and concerns over the handling of insecurity as reasons for leaving the party.

Their meeting with Tinubu comes amid political realignments ahead of the 2027 general elections, with the lawmakers reportedly pledging renewed support for the President and the APC.