AfDB to approve $500m budget support loan to Nigeria by year end, says bank official

By Abubakar Yunusa

The African Development Bank (AfDB) is planning to lend Nigeria $500 million in 2025 as part of a $1 billion budget support programme.
Bode Oyetunde, the representative of Nigeria and São Tomé and Príncipe on the AfDB board, said the loan could be approved before the end of the year.
Oyetunde spoke Reuters on the sidelines of the 31st Nigeria Economic Summit (NES) on Monday.
He said the AfDB has been working strongly to support Nigeria’s “very bold and aggressive” macroeconomic reforms under President Bola Tinubu.
“Given all these reforms, it was important to support Nigeria,” he said.
“They asked us for $1.5 billion. We are able to do $1 billion over two years. Last year, we provided $500 million in budget support.
“This year, we are looking to do another $500 million, subject to board approval.”
Oyetunde added that the bank is focusing on fiscal and power sector reforms as part of its support programme.
In November 2023, Wale Edun, minister of finance and coordinating minister of the economy, announced that the federal executive council (FEC) approved a $1 billion budget support loan from the AfDB.