The Federal Government is negotiating three new World Bank loans worth a combined $1.5bn as Nigeria’s public debt climbed to a record N166.79tn by June 2026.
The first is an additional $500m for the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, which would increase its financing from $700m to $1.2bn.
The World Bank is expected to consider the facility on October 29, 2026.
The document said, “The Government of Nigeria has requested AF of $500m to scale up demonstrated project results and strengthen the institutional, operational and financing arrangements needed to sustain integrated landscape management.”
Another $500m facility is proposed for the Household Prosperity and Empowerment-Social Protection Project, with approval tentatively scheduled for March 16, 2027.
It would fund cash transfers, modernise the social registry and strengthen social protection systems.
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The World Bank said the programme would establish “a sustainable social assistance to poor and vulnerable households, financed increasingly from federal and state budgets and delivered through strengthened state and local government systems.”
The third $500m facility is for Nigeria’s Early Childhood Development programme, expected to cover all 36 states and the FCT.
It would support health, nutrition, childcare, early learning, water and sanitation services for children aged zero to five.
The proposed borrowing comes as Nigeria’s public debt rose by N14.39tn from N152.40tn in June 2025 to N166.79tn in June 2026.
World Bank exposure reached $20.73bn by June 2026, comprising $19.12bn owed to the International Development Association and $1.61bn to IBRD.
Former Vice-President Atiku Abubakar has demanded transparency over government borrowing, urging the administration to account for new loans and debt obligations.
“A government that says more money is coming in must explain why it keeps borrowing and why the people paying for its policies cannot see the promised gains,” Atiku said.