The Federal Government of Nigeria is seeking to secure a $500 million loan from the African Development Bank (AfDB) before the end of the year as part of ongoing efforts to stabilize the economy and support key reforms introduced under President Bola Tinubu’s administration.
According to a Reuters report, the loan forms part of a larger $1 billion budget support programme aimed at reinforcing Nigeria’s fiscal and structural reforms. The move follows a previous $500 million tranche disbursed last year under the same arrangement.
Bode Oyetunde, Nigeria and São Tomé and Príncipe’s representative on the AfDB Board, confirmed the development during the Nigerian Economic Summit in Abuja. He explained that discussions with the bank were progressing positively, and approval could come before the end of 2025.
“We have been working strongly to support Nigeria’s very bold and aggressive macroeconomic reforms under President Tinubu. Given all these reforms, it was important to support Nigeria,” Oyetunde told Reuters.
He added, “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.”
The funding aligns with the AfDB’s commitment to back Nigeria’s economic transformation agenda, which has included fuel subsidy removal, the unification of exchange rates, and ongoing tax system reforms since Tinubu assumed office in May 2023.
Oyetunde further noted that the AfDB’s intervention would focus primarily on fiscal management and power sector reforms, areas critical to improving Nigeria’s macroeconomic stability and restoring investor confidence.
The proposed loan is expected to help cushion the fiscal impact of the reforms while supporting government programmes aimed at addressing inflation, improving energy supply, and promoting sustainable economic growth.
Minister of Defence, Mohammed Badaru, has praised Lieutenant Yarima, the naval officer involved in a confrontation with the Minister of the Federal Capital Territory (FCT), Nyesom Wike, over a disputed land in Abuja.
The property is said to belong to former Chief of Naval Staff, Vice Admiral Awwal Gambo.
Government Promises Protection for Officers on Lawful Duty
Addressing journalists at the National Defence College, Abuja, during a press briefing on the 2026 Armed Forces Remembrance Celebration, Badaru reaffirmed the Federal Government’s commitment to defending military personnel performing their lawful duties.
He said, “At the Ministry and across the Armed Forces, we will always protect our officers performing their duties lawfully. Lieutenant Yarima has acted commendably, and we will ensure his safety.
“We are thoroughly reviewing this matter, and I assure you that any officer performing legitimate duties will receive full protection.”
Viral Video Sparks Public Reactions
Badaru’s comments come after a viral video captured a heated argument between Wike and a naval officer at a construction site in Gaduwa District, Abuja.
In the video, Wike accused the officer of blocking his access to the site, stressing that no one is above the law. The officer, however, maintained that he was following orders from his superiors.
The incident has since generated widespread public debate, with many Nigerians commending the officer’s calmness during the encounter.
A retired Deputy Superintendent of Police, Sunny Anyanwu, has made a generous offer to Lieutenant Ahmad Yerima, the viral naval officer who stood up to FCT Minister, Nyesom Wike.
Notably, Ahmad Yerima has been making headlines following a viral video showing a heated confrontation with FCT Minister Nyesom Wike.
Lieutenant A.M. Yerima
Retired Officer Offers His Pension To Lieutenant Ahmad Yerima
In his Facebook post, the retired Deputy Superintendent of Police, Sunny Anyanwu, revealed he earns a monthly pension of N49,000, and offered N5,000 to the naval officer.
Furthermore, he stressed that Lieutenant Ahmad Yerima should be regarded as a British-trained officer.
Read Post Below…..
Out of my #49k monthly pension, I have decided to offer #5K to the Naval officer that had open confrontation with the FCT minister WIKE.
The officer could be regarded as a British trained officer. I will also advice President Tinubu to honor him with the award of Commander of the Federal Republic (CFR).
His Bank details should be forwarded through his department pls. This is the type of insult I took for 35yrs and gets #49k monthly pension.
The presidential candidate of the Labour Party in the 2023 general elections, Peter Obi, has described the recent altercation between the Minister of the Federal Capital Territory (FCT), Nyesom Wike, and a naval officer in Abuja as an embarrassment coming from a ‘disgraced nation.’
In a statement shared on social media, Obi said the altercation was “yet another unfortunate reflection of the growing institutional disorder in our country.”
According to him, what should have been a routine civic encounter degenerated into “a public spectacle” that exposes deeper governance problems.
He wrote;
‘’Wike versus Naval Officer: A Lesson for National Reflection
The recent needless altercation between the FCT Minister, HE, Barr. Nyesom Wike and a Naval officer are yet another unfortunate reflection of the growing institutional disorder in our country. What should ordinarily be a routine civic encounter has, once again, become a national embarrassment— a typical example coming out of a ‘disgraced country’
Beyond the personalities involved, this incident raises fundamental questions that demand honest national reflection:
Should the military be used for purely civil operations? If proper protocols were in place, should a Minister’s intervention in such a matter be in such an indecorous manner?
Shouldn’t there be clear boundaries between administrative authority and the duties of security agencies?
What does this say about our respect for institutions and the separation of powers? Why are our men and women in uniform so often drawn into civilian disputes? Why has the culture of due process and civility given way to public spectacle and confrontation? If our institutions worked as they should, would tempers flare in situations that should be handled by clear procedure and hierarchy? Above all, what example do incidents like this set for our younger generation about leadership, discipline, and the rule of law?
These are not just questions about one incident – they go to the very heart of how our nation is governed. When public officials act beyond institutional norms, and when security agencies are used in ways that blur their professional boundaries, we weaken both governance and public trust.
We must learn from this episode. It is time to rebuild a nation where institutions are stronger than individuals; where public office is exercised with humility and restraint; where the dignity of our uniformed officers and the rights of every citizen are upheld.
A country that aspires to greatness and feels insulted when referred to as a disgraced nation must replace the culture of impunity with the discipline of law, order, and respect for due process.
Repeatedly, I have maintained that to occupy an office and be referred to as His Excellency, Distinguished or Honourable, how we get to such an office and our character and behaviour while holding it or out of it should reflect such exemplary titles in all ramifications.”