The Federal Government has approached the World Bank for a fresh $1.75 billion loan to support ongoing economic reforms and fiscal stabilization efforts.
According to government officials, the facility is expected to strengthen Nigeria’s balance of payments, provide budgetary support, and cushion the impact of key policy adjustments, including the fuel subsidy removal and exchange rate unification.
The loan request comes as the nation grapples with rising inflation, foreign exchange pressures, and a high debt-servicing burden. While authorities insist the funds will help drive medium-term growth and reduce poverty, critics have raised concerns about Nigeria’s mounting debt profile and its implications for future generations.
Economic experts note that Nigeria’s debt stock has already crossed significant thresholds, warning that additional borrowing must be matched with concrete strategies for revenue generation and accountability in public spending.
The World Bank is expected to review Nigeria’s request in the coming weeks, after which formal approval or adjustments will be communicated.
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