Nigeria Debt Interest Swallows All National Revenue

 Nigeria Debt Interest Swallows All National Revenue

FG Spends N7.7 Trillion On Debt Interest, More Than All Revenue




The Federal Government of Nigeria spent ₦7.7 trillion on debt interest payments in the first half of 2026, which consumed 124.2% of its total revenue of ₦6.2 trillion during the same period. [1]


According to the World Bank's October 2026 Nigeria Development Update, key details of the fiscal report include:
Revenue vs. Debt Service: Interest payments alone exceeded total federal revenue by ₦1.5 trillion between January and June 2026. [1]


Year-on-Year Increase: Debt interest payments jumped by 37.5% (or ₦2.1 trillion) compared to the ₦5.6 trillion recorded in the first half of 2025. [1]


GDP Share: Debt interest rose to 3.1% of Nigeria's Gross Domestic Product (GDP), up from 2.5% in the previous year. [1]


Main Driver: The surge is largely driven by elevated domestic borrowing costs and high interest rates. [1]


Fiscal Pressure: Even though government revenue grew by 72.2% to reach ₦6.2 trillion, high debt service obligations continue to crowd out capital expenditure and funding for public infrastructure.
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