President Bola Tinubu’s administration has secured $11.40 billion in loan approvals from the World Bank between June 2023 and June 2026. This represents about 78.2% of the $14.59 billion approved during former President Muhammadu Buhari’s eight-year administration.
The loans, spread across economic reforms, education, healthcare, agriculture, energy, digital infrastructure, financial inclusion, and social protection, include the $2.25bn RESET/ARMOR reform package, the $1.25bn Jobs Acceleration programme, the $500m agricultural value-chain project, and multiple power-sector facilities.
However, only $2.32bn (20.3%) has been disbursed so far. Finance Minister Taiwo Oyedele defended the borrowing, stating that “the relevant question is never simply how much debt, it is always debt for what and at what cost, against what return.”
Key Points:
Nigeria’s reliance on foreign borrowing continues at an accelerated pace under Tinubu
The $11.4bn secured in three years is $5.8bn more than Buhari’s first term total
Most loans are tied to infrastructure, energy, and social protection projects
Only 20% of approved funds have been disbursed, raising implementation concerns
Economists warn that debt sustainability depe
The World Bank loans are expected to fund critical infrastructure and social programmes. Nigerians will watch for effective implementation and visible project outcomes.
Sources: Punch, Debt Management Office
