By Newspot Nigeria Editorial Desk
The Federal Government of Nigeria has unveiled plans to secure a fresh $1.75 billion loan from the World Bank before the end of 2025, even as revenues surged by 40.5 percent in the first eight months of the year.
Figures released by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, show that total revenues between January and August 2025 stood at ₦20.59 trillion, up from ₦14.6 trillion in the same period of 2024. Non-oil revenue accounted for about 75 percent of the inflows, reflecting the government’s push to diversify income sources.
Onanuga described the performance as a strong indication that the administration is on track to meet its annual non-oil revenue target.
Yet, the new loan raises questions about accountability. With revenues surging, Nigerians are asking why government borrowing continues—and who will be held responsible for this cycle of debt.
This week, the All Indigenous Contractors Association of Nigeria (AICAN) staged a protest at the Ministry of Finance headquarters in Abuja, demanding payment of more than ₦4 trillion owed for 2024 capital projects already completed. AICAN President, Jackson Nwosu, said less than 1% of the 15,000 contractors had been paid, leaving many in financial distress.
The House of Representatives has since intervened, brokering a deal with the Federal Government to commence payments immediately.
The paradox is clear: despite rising revenues, contractors remain unpaid, and new loans are being arranged. Analysts argue that accountability lies squarely with President Bola Tinubu, Finance Minister and Coordinating Minister of the Economy Wale Edun, and Debt Management Office Director-General Patience Oniha. Nigerians are demanding clear answers: why is new borrowing necessary, how have previous loans been used, and what safeguards ensure fresh debts will deliver real benefits?
According to government sources, the planned $1.75 billion facility—though not yet formally confirmed—will target agriculture, digital infrastructure, healthcare, and small business financing. But without strict oversight, critics warn the projects could become yet another cycle of debt-funded promises without results.
The central question remains: who in government will take responsibility to ensure Nigeria’s rising debt burden translates into tangible development, rather than deepening the cycle of borrowing?
Reported by Newspot Nigeria
