Finance Minister Kemi Adeosun said in a statement that it was not applying for an "emergency loan".
Nigeria is believed to be looking for around $3.5bn from the World Bank and the African Development Bank.
Africa's largest economy has been hit hard by the recent fall in oil prices, and the government needs to find new sources of income to fund its budget.
Last year's government budget was largely financed by oil revenue.
Africa Live: BBC news updates
Oil prices: How are countries being affected?
Ms Adeosun said that "Nigeria, as a member of World Bank group is entitled to access available funds like every member-country," but she is also looking at the domestic market as a means to get finance.
"No application for loans have been made. We are simply discussing options for funding [the] 2016 budget," she added.

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