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The short answer
When relatives in Nigeria ask to borrow money, decide first whether you can afford to lose it; if not, say no or give a smaller gift instead. For any real loan, write down the amount, purpose, repayment dates and what happens if a payment is missed, both sign, and pay the school, supplier or landlord directly where you can. Set a yearly limit for all family support so each request is weighed against it.
For many Nigerians in Ireland, requests to borrow money are constant: a business idea, a rent shortfall, a car, a land deal, school fees. Saying yes to everyone is not possible, and saying yes on vague terms often ends with neither the money nor the relationship intact. A few clear rules, set once and applied to everyone, make each decision easier.
Rule 1: decide gift or loan before anything else
Be clear in your own mind. If you would not chase repayment from this person, it is a gift, and it is better to call it one. A gift has no awkward follow-up and no resentment if it is not repaid. If you need the money back, it is a loan, and it needs terms. Many families find the best answer to a request is a smaller gift rather than a larger loan.
Rule 2: set a yearly limit
Decide how much you can give or lend to family in a year, in total, without affecting your rent, savings or plans in Ireland. Write the figure down. Each new request is then a question of whether it fits, not whether you love the person asking.
Worked example (illustrative)
A nurse in Cork sets an example family budget of €4,800 a year: €2,400 for a parents' allowance, €1,200 for emergencies and €1,200 for loans. A cousin asks to borrow €1,500 for shop stock. That is more than the loan budget, so the nurse offers €1,000, repayable at €100 a month for ten months starting in two months' time. The cousin accepts, and €200 remains in the loan budget for the year. After three months the cousin has repaid €300, so €700 is outstanding.
Rule 3: write the terms down
A one-page note, signed by both of you and shared on WhatsApp or email, is enough for most family loans:
- the amount, and the currency (euro or naira; say which)
- what it is for
- when repayments start, how much, and how often
- whether any interest or extra is payable (most family loans have none)
- what happens if a payment is missed: a pause, a reschedule, or the balance becomes a gift
- how repayments are made, to which account
Naming the currency matters. A loan of ₦1,650,000 made when it was worth €1,000 (at an example rate of ₦1,650 to €1) might be worth less in euro by the time it is repaid. Agree at the start whether repayment is in naira or in the euro equivalent on the day.
Rule 4: pay the purpose, not the person
If the loan is for school fees, pay the school. If it is for stock, pay the supplier against an invoice. If it is rent, pay the landlord. This protects the borrower from pressure to spend it on something else, and protects you if the request was not what it seemed; see scam checks for urgent requests. It also gives you a record.
When a payment is missed
Decide in advance how you will react, because the moment itself is awkward. A missed payment is often a sign of a real difficulty rather than bad faith. One approach that preserves the relationship: one reminder, then a conversation about a new schedule, then, if repayment is not realistic, a clear decision to treat the balance as a gift and close the matter. What damages families is the middle ground, where a debt is neither repaid nor forgiven and comes up at every gathering. Whatever you decide, write it down, and do not lend again to the same person until the first loan is settled or formally forgiven.
Rule 5: point to formal credit where it fits
Sometimes the kindest answer is to help a relative borrow properly from a licensed lender in Nigeria, where the terms are written, the cost is disclosed and the relationship is not on the line. Before a relative signs, read the agreement with them: the amount, the total cost and the repayment dates should all be in writing.
Irish tax: when a loan becomes a gift
If you later write off a loan, it may become a gift for Irish Capital Acquisitions Tax purposes. Revenue's small gift exemption covers the first €3,000 a person receives from any one giver in a calendar year; above that, other rules and thresholds apply. This is information, not tax advice. For the wider question of how much to give, read Black tax: how to support family without going broke.
Where Pryme fits
From a Pryme Personal Account opened in Ireland you can send naira directly to the school, supplier or landlord a loan is meant for, and keep verifiable receipts through VerifyDoc.ai (receipts). For relatives in Lagos, Abuja or Port Harcourt, Loans on Spaces are lent by a licensed Nigerian microfinance bank to the customer and can only be spent with Spaces merchants, such as schools, pharmacies and groceries. A limit is offered based on how the account is run, and the full agreement is shown before the customer accepts. Spaces is a pilot in those three cities.
Questions people ask
How do I say no when family in Nigeria ask to borrow money?
Set a yearly limit for family support and explain that the request does not fit it this time. Offering a smaller gift, or paying a specific bill directly, often goes down better than a flat no.
Should I write a contract for a loan to my brother?
A short signed note with the amount, currency, purpose, repayment dates and what happens if a payment is missed is usually enough, and it avoids later disputes.
Is a family loan taxable in Ireland?
A loan repaid in full is not a gift. If you write it off, it may count as a gift for CAT; Revenue's small gift exemption covers the first €3,000 a year from each giver.
Should I lend in euro or naira?
Agree it at the start. If you lend in naira and are repaid in naira, the euro value can fall if the naira weakens.
Sources
- Revenue: Small Gift Exemption (published 12 Jun 2025) · accessed Oct 2026
- Revenue: Gift and Inheritance Tax (CAT) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.