The Federal Government is seeking fresh loans of $1.75bn from the World Bank to finance key projects, despite recording a 40.5 ppercentrise in revenue within the first eight months of 2025.
According to presidential aide Bayo Onanuga, Nigeria generated ₦20.59tn between January and August 2025, up from ₦14.6tn in the same period last year, with non-oil revenue accounting for 75 ppercentof collections.
President Bola Tinubu recently said the country had already met its revenue target for 2025, but funding gaps in infrastructure and other critical sectors have pushed the government to seek additional borrowing.
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Documents obtained from the World Bank show that four major projects are expected to benefit from the planned facility: the Nigeria Sustainable Agricultural Value-Chains project ($500m), Building Resilient Digital Infrastructure for Growth ($500m), Health Security Programme ($250m), and Fostering Inclusive Finance for MSMEs ($500m). Approvals are expected between September and December 2025.
Economists remain divided on the move. Adewale Abimbola argued that concessionary loans tied to productive projects can support growth, while Dr. Aliyu Ilias warned that Nigeria’s debt, already near ₦149tn, could spiral to ₦180tn if borrowing continues unchecked.
Dr. Muda Yusuf also stressed the importance of debt sustainability, warning that excessive foreign loans could worsen Nigeria’s foreign exchange challenges.
Data from the Debt Management Office show Nigeria’s debt to the World Bank rose to $18.23bn by March 2025, accounting for almost 40 ppercentof the nation’s external debt stock of $45.98bn.
