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NIGERIA DEBT SERVICE
The Federal Government has disputed claims that its interest payments reached 124% of revenue in the first half of 2026, arguing that the figure presents an incomplete picture of its fiscal position because it excludes some government revenue and combines debt obligations across different tiers of government.
Nigeria spent N5.28 trillion servicing domestic debt in the first half of 2026, with interest and rental payments accounting for N4.95 trillion of the total.
Interest payments on public debt exceed government spending on health and/or education in nearly four-fifths of sub-Saharan African countries, as high debt-servicing costs continue to constrain public finances across the region, according to the World Bank.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has stated that the Ministry has made significant progress in saving Nigeria from "huge debt liabilities."