Nigerians React as FG Seeks Fresh $1.75bn World Bank Loan Despite Revenue Surge

The New Diplomat
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By Obinna Uballa

Nigerians have expressed anger on social media following revelations that the Federal Government is seeking an additional $1.75bn loan from the World Bank, despite announcing that it had already met and exceeded its 2025 revenue target.

The Presidency recently disclosed that revenue collections between January and August 2025 hit N20.59tn, a 40.5 per cent increase from the N14.6tn recorded in the same period last year. Non-oil revenues accounted for 75 per cent of this figure, prompting President Bola Tinubu to declare earlier in the week that the government would no longer rely on borrowing to fund the budget.

However, documents from the World Bank show that the FG is preparing to secure four new loans worth $1.75bn before the end of 2025.

Reports said the loans will likely be used to finance projects in agriculture, health, digital infrastructure, and MSME financing.

This revelation has sparked anger among Nigerians, who questioned the need for fresh borrowing when revenue performance is reportedly strong.

On X (formerly Twitter), @_godbrian wrote: “Loan for what exactly?”

@amachree_samuel added: “This guy and borrowing na 5+6.”

Another user, Mazị Uche Okeudọ, queried: “I thought the revenue target has been met and exceeded. What’s the loan again?”

Bode Folorunsho commented: “We are no longer borrowing from local banks but you can go and borrow from foreign banks.”

David Eke wrote sarcastically: “They have met revenue target but not loan target. Lol!”

Others echoed similar sentiments, with Omo Obute stating: “Sebi him say him don meet revenue target? Which one come be this again! Na wah o!”

Meanwhile, economists have warned that while World Bank loans are usually concessional with low interest rates, excessive borrowing could worsen debt sustainability concerns.

Reports say Nigeria’s public debt currently stands at about N149tn, with the World Bank alone accounting for $18.23bn, nearly 40 per cent of the country’s external debt stock as of March 2025.

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