The Federal Government has announced plans to obtain fresh loans worth $1.75 billion from the World Bank, even as it celebrates a surge in national revenue.
The move comes days after President Bola Tinubu disclosed that government revenues rose by 40.5 percent in the first eight months of 2025. Figures released by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, showed that total collections between January and August hit ₦20.59 trillion, up from ₦14.6 trillion in the same period of 2024. Non-oil revenue accounted for 75 percent of the earnings, surpassing projections.
“From January to August 2025, total collections reached ₦20.59 trillion, a 40.5 percent increase from ₦14.6 trillion recorded in 2024. This strong performance aligns with projections, placing the government firmly on course to achieve its annual non-oil revenue target,” Onanuga said.
Despite the positive revenue outlook, officials say borrowing remains unavoidable to address financing gaps in key sectors, particularly infrastructure. On Wednesday, members of the All Indigenous Contractors Association of Nigeria staged a protest at the Ministry of Finance in Abuja, demanding the payment of about ₦4 trillion owed for projects executed in 2024.
Documents on the World Bank’s website indicate that Nigeria is in line to access four major loans before the end of 2025. The loans will target agriculture, digital infrastructure, healthcare, and small business support. Approvals are expected between September and December, with disbursements to follow.
The new financing will add to the $8.4 billion already secured from the World Bank between June 2023 and August 2025. Those earlier funds were directed toward energy, education, healthcare, rural development, and governance reforms.