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‘World Bank’s 124% Debt Interest Figure Misleading’ – Finance Ministry Insists

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The Federal Ministry of Finance has challenged reports that Federal Government interest payments reached 124 per cent of revenue in the first half of 2026, describing the figure as misleading because it does not fully account for the scope of government debt obligations and revenue.

The ministry’s position comes in response to recent analysis citing the World Bank’s October 2026 Nigeria Development Update, which reported that interest payments exceeded federal revenue during the first six months of the year.

In a press release on Sunday and dated October 18, 2026, the ministry argued that the calculation compared interest payments that included obligations serviced on behalf of other tiers of government with federal revenue alone.

SEE ALSO: Nigeria Lands Fresh $1.25bn World Bank Loan to Drive Jobs, Reforms

According to the ministry, this approach overstates the ratio because the debt obligations and revenue used in the calculation should cover the same level of government.

“The interest figure includes debt the Federal Government services on behalf of other tiers of government, including external loans to states,” the ministry said.

It added that the revenue figure used in the calculation was incomplete because it excluded independent revenue earned by government agencies and enterprises but not yet remitted to the Treasury.

The ministry also explained that government revenue typically increases in the second half of the year because of the statutory timing of certain tax payments.

Citing the 2025 figures, it said the debt-service-to-revenue ratio stood at 156 per cent in the first half of the year but fell below 60 per cent on a full-year basis.

The ministry said the ratio had declined from 97 per cent before the current administration’s reforms, describing the figures as evidence of progress in the government’s fiscal position.

Revenue Growth Outpaces Interest Payments

The ministry also highlighted the changes in federal revenue and interest payments between the first halves of 2025 and 2026.

According to the statement, federal revenue increased by 72 per cent, rising from ₦3.6 trillion in the first half of 2025 to ₦6.2 trillion in the corresponding period of 2026.

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

“Revenue is therefore growing almost twice as fast as interest costs,” the ministry said.

It added that the interest-to-revenue ratio fell by 32 percentage points, from 156 per cent to 124 per cent, while the gap between interest payments and revenue narrowed from ₦2 trillion to ₦1.5 trillion.

The ministry maintained that the figures reflected the impact of the government’s reforms rather than evidence of fiscal distress.

Ministry Cites Full-Year Debt Projection

On debt sustainability, the ministry argued that a six-month snapshot should not be used as the sole measure of the country’s debt position.

It said the World Bank’s report projected Nigeria’s full-year 2026 debt service, covering both interest and principal payments, at 46 per cent of revenue.

“Debt sustainability is assessed on a full-year basis, not over six months,” the ministry stated.

It described the projected full-year figure as the appropriate benchmark for assessing the country’s debt-service position.

Finance Ministry Defends Government Borrowing

The ministry also defended the legality of the Federal Government’s borrowing, stating that all borrowing fell within the limits approved by the National Assembly under the 2026 Appropriation Act and the approved borrowing plan.

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

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

The ministry said it welcomed scrutiny of public finances but urged analysts and commentators to ensure that figures were compared on a consistent basis.

“We encourage analysts and commentators to apply the same rigour they seek to hold the government to: compare like with like, read figures in context, and seek clarification where the data is unclear,” the statement said.

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FCT Police Chief Inspects Worship Centres, Commends Residents for Peaceful Conduct

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The Commissioner of Police, Federal Capital Territory (FCT) Command, CP Ahmed Muhammad Sanusi, has inspected security deployments at churches across the territory, urging officers to maintain professionalism and vigilance during religious activities.

The inspection was disclosed in a statement issued on Sunday by the FCT Police Public Relations Officer, SP Josephine Adeh.

Sanusi conducted the inspection on November 8, 2026, to assess the operational readiness of personnel deployed to worship centres and evaluate security arrangements for residents and worshippers.

SEE ALSO: October 1 Protests: FCT Police Call For Increased Vigilance Among Residents

The exercise followed a similar inspection of mosques across the FCT on Friday, November 6, as the Command sustained efforts to strengthen security around religious centres.

During the visits, the police commissioner charged officers to remain professional and responsive in the discharge of their duties.

He also commended residents for their peaceful and orderly conduct following mosque and church services, noting that public cooperation remained essential to maintaining security and public order across the territory.

The commissioner urged residents to continue cooperating with the police and other law enforcement agencies, remain security-conscious and promptly report suspicious persons, movements or activities to the nearest police station.

He further encouraged residents to utilise the Command’s emergency lines, 08032003913 and 08061581938, to report security concerns.

Adeh said the Command’s Public Relations Office remained open and accessible to members of the public for enquiries, complaints, information and other security-related matters.

The FCT Police Command reiterated its commitment to protecting residents and worshippers and maintaining security across the Federal Capital Territory.

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2027: Shettima Arrives in Uyo for APC Presidential Campaign Rally

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Vice President Kashim Shettima has arrived in Uyo, the Akwa Ibom State capital, for the All Progressives Congress (APC) presidential campaign rally ahead of the 2027 general elections.

The development was disclosed on Friday by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President.

Akwa Ibom occupies a strategic position in President Bola Ahmed Tinubu’s Renewed Hope Agenda, with major federal investments expected to strengthen infrastructure and economic activities across the state.

SEE ALSO: 2027: Shettima Arrives in Lafia to Rally Support for Tinubu’s Re-election

One of the major projects is the Lagos–Calabar Coastal Highway, which has an approximately 82.8-kilometre stretch passing through Akwa Ibom.

The project, according to the statement, “promises improved connectivity, expanded trade, greater investment and new economic opportunities for communities across the region.”

Beyond infrastructure, the administration’s interventions in education, agriculture, healthcare, youth empowerment and social protection are also designed to improve livelihoods and broaden economic participation.

The Nigerian Education Loan Fund (NELFund) is among the initiatives highlighted, complementing Governor Umo Eno’s investments in roads, aviation, tourism and human capital development.

The statement noted that the Uyo rally provides “another opportunity to strengthen the APC’s growing political presence in the South-South and make the case for continuity in 2027.”

 

 

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Elohor Aiboni Honoured with DTN@100 Changemaker Award

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Executive Vice President and Country Chair, Shell Companies in Nigeria, Elohor Aiboni was among 100 people honoured with the DTN@100 Award.

She joined a list of distinguished recipients recognised by the Daily Times newspapers. The contributions of the awardees to national development will be documented in a special publication, titled Nigerian Grand Book.

Daily Times which started publication in 1926 gave the awards as part of its centenary celebrations in Lagos. The centenary theme is: “Honouring the Past, Shaping the Future.” Chairman, Folio Media Group and Publisher Daily Times of Nigeria Fidelis Anosike said: “We proudly celebrate Elohor Aiboni, Executive Vice President and Country Chair of Shell Companies in Nigeria, for her well-deserved recognition at the Daily Times Heroes Award. As a visionary female leader, Elohor has shown that true leadership is defined by action. Her forward-thinking policies continue to drive real, positive change across our nation.”

In her response, Elohor said: “Although this award is presented to me, I do not regard it as mine alone. I share it with my colleagues across the Shell Companies in Nigeria, our partners, and the many people I have had the privilege of working with and learning from over the years.”

Elohor was commended for her achievements in a career in the energy industry that started in Shell in 2002. In addition to serving in operational roles within and outside Nigeria, she has worked as asset manager for Bonga, leading up to her appointment as Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCo) in 2021, the first female to hold the post. Early this year, she took up the role of Executive Vice President and Country Chair, Shell Companies in Nigeria, also the first female and Nigerian to hold both roles.

READ ALSO: “8216;The Panic Is Real” Atiku Accuses APC of Plot to Weaken ADC

In her acceptance speech, Elohor also called for concerted efforts towards educating the girl-child. She said: “If we are serious about shaping Nigeria’s future, we must be equally serious about educating and empowering the Nigerian girl child. Education provides not only knowledge, but also confidence, choice and the opportunity to contribute meaningfully to her community and country.”
Photo Caption – L-R: Energy and Investment Solicitor, Sam Aiboni; Executive Vice President and Country Chair, Shell Nigeria, Elohor Aiboni; actress Rita Dominic; and Daily Times Chairman, Fidelis Anosike, during the award presentation at Harbour Point, Lagos.

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