The Federal Government is preparing to secure fresh financing from the World Bank to the tune of $1.75bn, even after celebrating a sharp increase in national revenues.
Recall that President Bola Tinubu had on Tuesday declared that Nigeria had already surpassed its 2025 revenue targets.
The Presidency, in its clarification of the president’s claim, said Nigeria raked in N20.59tn between January and August 2025, representing a 40.5 per cent jump compared to N14.6tn recorded in the same period last year. According to Special Adviser to the President on Information and Strategy, Bayo Onanuga, the surge was largely fuelled by non-oil revenues, which now contribute 75 per cent of total government collections.
Despite this strong fiscal performance and officials confirmed that borrowing would continue to bridge funding shortfalls in critical sectors.
Documents from the World Bank indicate that the Washington-based lender is expected to approve $1.75bn in new loans for Nigeria before year-end. The funds will be channelled into agriculture, health, digital infrastructure, and small business financing.
Among the projects earmarked for support is the $500m Nigeria Sustainable Agricultural Value-Chains for Growth project, designed to boost farm productivity and rural development. Also listed is a $500m digital infrastructure programme to expand connectivity and drive technology-driven growth, alongside a $250m health security initiative and a $500m inclusive finance project for micro, small, and medium enterprises.
The anticipated loans, currently at different stages of review and negotiation, show that the country continues to rely on external borrowing. According to World Bank records, the country has already secured $8.4bn in fresh credit lines over the past two years.
