JUST IN: Tinubu turns to World Bank for fresh $1.75bn loan
The Federal Government has announced plans to increase borrowing 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.
However, despite this increase, the government says borrowing remains necessary to bridge gaps in critical sectors, especially infrastructure.
More details shortly…
