The Nigerian government is considering a $1.5 billion loan from the World Bank to fund climate resilience, early childhood development, and social protection. The social protection component aims to cushion the impact of ongoing economic reforms on vulnerable Nigerians. With total indebtedness exceeding N160 trillion, the government continues to accumulate debt. External debt rose from $51.9 billion in the first quarter of the year to $54.523 billion in the second quarter, and Nigeria spent $1.824 billion on debt servicing in the first half of the year, including principal repayment and interest payments.
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