The Federal Government is looking to borrow $500 million from the African Development Bank (AfDB) this year.

A Reuters report quoting an executive of the bank said the loan is part of a $1 billion budget support programme, following economic reforms introduced by President Bola Tinubu.

Bode Oyetunde, who represents Nigeria and São Tomé and Príncipe on the AfDB board, said the loan could be approved before year-end.

The development followed several economic reforms since Tinubu took office in May 2023, with the removal of fuel subsidies, introduction of unified foreign exchange rates, and launching of tax reforms forming major policies of the administration.

Oyetunde added that the bank is focusing on fiscal and power sector reforms as part of its support programme.