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₦7.7 Trillion Debt Interest Warning: Federal Government Challenges World Bank.

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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.

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Peter Obi Breaks Silence On EndSARS Anniversary, Sends Strong Message To Nigerians

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The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has called for a Nigeria where citizens are protected rather than subjected to brutality, and young people are listened to instead of being silenced.....KINDLY READ THE FULL STORY HERE▶

Obi also urged the government to uphold human rights and ensure that the exercise of public authority is guided by responsibility and respect for human life.

The former Anambra State governor made the call in a statement issued on Tuesday, October 20, 2026, as he commemorated the sixth anniversary of the #EndSARS protests and the shootings at the Lekki Toll Gate in Lagos on October 20, 2020.

Reflecting on the anniversary, Obi stressed that Nigerians must never forget the incident or allow injustice to become an accepted part of society.

He also expressed confidence that Nigeria could achieve good governance and build a better future for its citizens.

In his statement, Obi described the Lekki Toll Gate shootings as a painful reminder of the sacrifices made by Nigerian youths in their quest for a better country.

“Today, October 20, 2026, marks the sixth anniversary of the Lekki Toll Gate shootings, a painful reminder of the price Nigerian youths paid in their demand for a better country.

“On that fateful night, peaceful #EndSARS protesters were met with gunfire. Lives were lost, many were injured, and the nation was left with questions about justice, accountability, and the sanctity of human life.

“We must never forget. We must never normalise injustice,” he stated.

The NDC presidential candidate reaffirmed his vision of a New Nigeria where citizens would be treated with dignity, young people would have their voices heard, and government institutions would respect fundamental human rights.

According to him, no Nigerian should face punishment or intimidation for demanding accountability, good governance and a better future.

Obi further called for the sacrifices of those who died during the protests to inspire renewed efforts towards building a country where such a tragedy would never happen again.

“May the souls of the departed continue to rest in peace. May their sacrifice strengthen our resolve to build a Nigeria where this tragedy will never be repeated.

“A New Nigeria is POssible. A Nigeria where every life matters,” he added.

The #EndSARS movement was a youth-led, decentralised campaign that saw mass protests across Nigeria against police brutality, extortion and extrajudicial killings attributed to the now-disbanded Special Anti-Robbery Squad (SARS), a unit of the Nigeria Police Force.

The protests gained national and international attention in October 2020, with the Lekki Toll Gate shootings becoming one of the most controversial incidents associated with the demonstrations.

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Tension In ADC As Party Suspends Aliyu Gantsa Over Unspecified Reasons.

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A chieftain of the African Democratic Congress (ADC), Aliyu Gantsa, has been suspended by the Jigawa State chapter of the party over alleged anti-party activities.....KINDLY READ THE FULL STORY HERE▶

The suspension was announced in a joint statement issued to journalists in Dutse on Monday and signed by Ahmad Garba, Polling Unit Chairman of Primary School, Gantsa Fada Yamma; Nasiru Garba Dan Halima, Gantsa Ward Chairman; and Isyaku Muhammad Lelenkudu, ADC Chairman in Buji Local Government Area.

However, Gantsa has rejected the decision, describing it as unconstitutional and an attempt to intimidate and silence him.

Gantsa, who serves as a member of the ADC National Working Committee, was suspended for 12 months by party executives in Buji Local Government Area over allegations of engaging in activities considered detrimental to the party.

According to the statement, the suspension took effect on October 19, 2026, and is scheduled to end on October 19, 2027.

The party officials explained that the decision was taken to address concerns relating to discipline, internal cohesion and adherence to the party’s regulations.

They further stated that the suspension had received approval from the ADC Ward Executive Committee on October 5 and the Local Government Working Committee on October 16, 2026.

The statement alleged that Gantsa engaged in conduct that tarnished the party’s reputation and weakened the position of its candidates.

“Gantsa’s action was bringing the name, integrity and public standing of the African Democratic Congress into serious disrepute,” the statement read.

The party executives also accused him of openly supporting an aspirant who lost during the party’s primary election.

They argued that his alleged endorsement of the unsuccessful aspirant amounted to an attempt to undermine candidates officially selected by the ADC.

As part of the disciplinary measures, Gantsa was prohibited from attending or participating in party meetings, rallies, caucuses and other official activities at the polling unit, ward, local government, state and national levels.

He was also barred from exercising the rights, responsibilities and privileges associated with his party membership and any position he occupied within the ADC.

Nevertheless, the party stated that Gantsa could appeal the decision by submitting a formal written petition to either the Ward Executive Committee or the Local Government Executive Committee within 14 days of receiving the suspension notice.

The executives called on party members to remain calm and respect the decision, while urging Gantsa to use the suspension period to reflect on his actions.

Reacting to the development in an interview with PUNCH, Gantsa dismissed the suspension, insisting that the ward executives lacked the constitutional authority to take such action against him.

“I am a member of the National Working Committee of the ADC. The ward executive has no basis and no ground whatsoever to suspend me. Their action is unconstitutional, null and void and of no effect,” he said.

The ADC chieftain further alleged that the party’s state leadership was behind the move, claiming that some leaders were uncomfortable with his growing influence within the party.

“This is the handiwork of the state leadership who are afraid of my growing influence. They are using the polling unit and ward to do what they cannot do themselves,” Gantsa alleged.

Despite the suspension, he maintained that he remained loyal to the ADC and was committed to its continued growth and development.

“I remain a committed and loyal member of the ADC. No amount of intimidation will make me abandon the party I laboured to build. I will seek redress through the appropriate party organs,” he added.

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Emotional Moment: Broda Shaggi Sheds Tears As He Recounts Near-Death Experience.

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Nigerian comedian, content creator and skit maker Samuel Animashaun Perry, popularly known as Broda Shaggi, has offered a glimpse into how he narrowly escaped death following a shooting incident in Ogun State.....KINDLY READ THE FULL STORY HERE▶

Recall that the entertainer was reportedly shot in March 2026 while filming at the Sango-Ota Bridge in Ogun State.

The incident allegedly left him with a gunshot wound to his leg. He was initially rushed to a hospital in the Alakuko area of Lagos before being transferred to another medical facility in the Government Residential Area of Ikeja.

The Lagos State Police Command confirmed the incident at the time, explaining that it was officially reported by a private hospital where the comedian was first taken for treatment in Alakuko.

News of the shooting surfaced online on March 13, sparking widespread concern among his fans and other social media users over his condition.

Following the incident, Broda Shaggi reportedly took a break from social media and suspended his content creation activities, including his comedy skits.

However, on Tuesday, the comedian shared a short video on his Instagram page showing him being rushed to a hospital with an apparent gunshot injury and bloodstains on his body.

In the post, Shaggi disclosed that the incident occurred on March 9, describing the experience as “A day in my life I wished never happened.”

The entertainer also revealed that he would share more details about the shooting with the public on Wednesday.

His post has since drawn attention to the frightening experience, with fans awaiting further details about the circumstances surrounding the incident and how he managed to survive.

See the video below.

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