Taiwo Oyedele disputes interpretations of Nigeria’s debt burden, but acknowledges interest payments remained above the revenue figure cited.
Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele says federal revenue increased by 72 per cent in the first six months of 2026 compared with the corresponding period of 2025, rising from ₦3.6 trillion to ₦6.2 trillion.
In a statement responding to commentary on the World Bank’s October 2026 Nigeria Development Update, Oyedele said interest payments rose by 38 per cent over the same period, from ₦5.6 trillion to ₦7.7 trillion. On those figures, the ratio of interest payments to the revenue measure cited fell from 156 per cent to 124 per cent.
The minister argued that the headline comparison could be misleading because some debt payments cover obligations incurred on behalf of states, while the revenue denominator excludes certain earnings of government agencies that have not yet been remitted.
He also said the timing of tax payments can cause revenue collections to be higher in the second half of a year. Oyedele cited a full-year 2025 debt-service-to-revenue ratio below 60 per cent and a World Bank projection of 46 per cent for full-year 2026, while distinguishing those measures from the six-month interest-only ratio.
According to the minister, the difference between the interest payments and the revenue amounts used in his comparison narrowed from ₦2 trillion to ₦1.5 trillion. He described the change as evidence that reforms were improving the fiscal position.
Oyedele maintained that federal borrowing had received the necessary legislative approvals and complied with applicable laws and the approved borrowing plan.
The competing ratios measure different periods and, in some cases, different categories of debt service and revenue. Assessing the government’s actual debt burden will require consistent definitions and independently accessible fiscal data.
