Tinubu turns to World Bank for fresh $1.75bn loan

The Federal Government has announced plans to secure fresh loans of $1.75bn from the World Bank, despite recording a 40.5 per cent rise in revenue during the first eight months of 2025.

According to a statement issued on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, government revenues between January and August 2025 rose to #20.59tn, up from #14.6tn in the same period last year. Non-oil earnings now account for 75 per cent of the total collections, surpassing earlier projections.

Onanuga noted that the strong revenue performance places the country on track to achieve its annual non-oil revenue target.

“From January to August 2025, total collections reached N20.59tn, a 40.5 per cent increase from N14.6tn recorded in 2024. This strong performance aligns with projections, placing the government firmly on course to achieve its annual non-oil revenue target,” the statement partly read.

However, despite this increase, the government says borrowing remains necessary to bridge gaps in critical sectors, especially infrastructure.

On Wednesday, members of the All Indigenous Contractors Association of Nigeria protested at the Ministry of Finance in Abuja, demanding the payment of about N4tn for projects carried out in 2024. To bridge such gaps, the government is turning to external financing.

Documents on the World Bank’s website show that Nigeria is in line to receive four major loans before the end of 2025. These include funding for agriculture, digital infrastructure, healthcare, and support for small businesses.

Each of the projects is scheduled for approval between September and December, with disbursements expected to begin once the processes are completed.

The latest loans will add to the $8.40bn already approved for Nigeria by the World Bank between June 2023 and August 2025. These earlier funds were committed to projects in energy, education, healthcare, rural development, and governance reforms.

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