The Federal Government of Nigeria is set to secure another $1.75bn loan from the World Bank before the end of 2025, even as revenue inflows have surged by over 40 per cent in the first eight months of the year.
Figures released on Wednesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, show that Nigeria recorded a total of N20.59 trillion in revenues between January and August 2025, compared to N14.6 trillion in the same period of 2024.
Non-oil revenue accounted for about 75 per cent of the collections, reflecting significant gains in tax and other non-oil sectors.
Onanuga described the performance as a strong indication that the government is on track to meet 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,” Onanuga stated.
Despite this revenue growth, Nigeria continues to grapple with funding gaps in infrastructure and other capital projects.
On Wednesday, members of the All Indigenous Contractors Association of Nigeria staged a protest at the Ministry of Finance headquarters in Abuja, demanding the payment of about N4 trillion owed for projects executed in 2024.
The protest revealed concerns about low capital spending, raising questions about how increased revenues are being utilized.
The development comes just days after President Bola Tinubu declared in Abuja that Nigeria had met its 2025 revenue target ahead of schedule and would reduce its reliance on borrowing to fund the budget.
However, the plan to secure new World Bank loans suggests otherwise, pointing to the country’s continuing struggle to bridge fiscal gaps.
According to official data from the World Bank, the upcoming $1.75bn loan package will be spread across four major projects aimed at boosting agriculture, digital infrastructure, healthcare, and small business financing.