President Bola Tinubu’s administration has secured $11.40 billion in World Bank loan approvals within three years, placing it on track to surpass the total financing approved during former President Muhammadu Buhari’s eight-year tenure.
An analysis of World Bank data showed that between June 2023 and June 2026, Nigeria obtained loan approvals worth $11.40 billion, representing about 78.2 per cent of the $14.59 billion approved during Buhari’s administration from May 2015 to May 2023.
The current administration now requires an additional $3.19 billion in approvals to exceed the total secured under Buhari.
The analysis further indicated that the amount approved under Tinubu has already surpassed the total obtained during Buhari’s first term, which stood at about $5.56 billion. Using figures from the World Bank database, Tinubu’s approvals exceed that amount by approximately 105 per cent.
However, only $2.32 billion of the $11.40 billion approved under the Tinubu administration has been disbursed so far, leaving about $8.41 billion yet to be released. This represents a disbursement rate of roughly 20.3 per cent.
In comparison, projects approved during Buhari’s administration recorded significantly higher implementation levels. Of the $14.59 billion approved during his presidency, about $11.94 billion had been disbursed, while approximately $1.53 billion remained available, reflecting a disbursement rate of about 81.8 per cent.
The World Bank financing approved under Tinubu is concentrated in economic reforms, power, agriculture, healthcare, education, digital infrastructure, financial inclusion and social protection.
The largest approval came in June 2024 when the World Bank approved a $2.25 billion financing package comprising a $1.5 billion Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing and a $750 million Nigeria Accelerating Resource Mobilisation Reforms Programme-for-Results.
According to the World Bank, the financing was designed to support Nigeria’s economic reform agenda by strengthening macroeconomic stability, improving domestic revenue mobilisation and protecting vulnerable households during the implementation of key reforms.
The World Bank data showed that the RESET programme has been fully disbursed, while the ARMOR programme has recorded disbursements of about $280.55 million, leaving approximately $469.45 million yet to be released.
The reform package coincided with major policy decisions by the Federal Government, including the removal of petrol subsidy and the liberalisation of the foreign exchange market, reforms that have attracted mixed reactions due to their impact on inflation and the cost of living.
The World Bank has maintained that the reforms are necessary to restore macroeconomic stability and place Nigeria’s public finances on a sustainable path, although labour unions, civil society organisations and opposition politicians have criticised their effects on ordinary Nigerians.
Another major financing approval came on June 29, 2026, when the World Bank approved the Nigeria Actions for Investment and Jobs Acceleration programme valued at $1.25 billion.
The package consists of two facilities worth $500 million and $750 million respectively and forms part of the World Bank’s Country Partnership Framework for Nigeria covering 2026 to 2032.
According to the bank, the programme is expected to support private sector-led growth, job creation, improved energy access, expanded digital infrastructure and increased agricultural productivity.
Agriculture has also received significant financing under the current administration.
In March 2026, the World Bank approved a $500 million credit for the Nigeria Sustainable Agricultural Value-Chains for Growth Project to improve agricultural productivity, strengthen value chains and expand market access for smallholder farmers.
The project had not recorded any disbursement as of the latest update.
Similarly, in December 2024, the bank approved three additional credits worth $357 million, $57 million and $86 million under the Rural Access and Agricultural Marketing Project Scale-Up, bringing total financing under the programme to $500 million. The facilities also remain undisbursed.
The power sector has remained one of the largest beneficiaries of World Bank support.
In June 2023, shortly after Tinubu assumed office, the bank approved $750 million for the Power Sector Recovery Performance-Based Operation through separate facilities of $301 million and $449 million.
The World Bank data showed that the facilities had recorded disbursements of $28.10 million and $41.24 million respectively.
Another $750 million was approved in December 2023 for the Nigeria Distributed Access through Renewable Energy Scale-up Project, comprising facilities worth $350 million, $250 million and $150 million.
According to the World Bank, the programme aims to provide improved electricity access to about 17.5 million Nigerians through distributed renewable energy solutions.
Only the $350 million component has recorded disbursement of about $97.71 million, while the remaining facilities are yet to receive funding.
In September 2024, the World Bank also approved $500 million for the Sustainable Power and Irrigation for Nigeria Project, designed to improve dam safety, strengthen irrigation infrastructure and increase hydropower generation.
The project has so far received about $33 million in disbursements.
Nigeria’s education and health sectors have also attracted substantial World Bank financing.
In September 2023, the World Bank approved the $700 million Adolescent Girls Initiative for Learning and Empowerment project. About $148.35 million has been disbursed, while approximately $558.22 million remains available.
The Nigeria for Women Programme Scale-Up Project, approved in June 2023, received $500 million. Of that amount, about $109.62 million has been released.
Further approvals came in September 2024 with three projects valued at $1.5 billion under the Human Capital Opportunities for Prosperity and Equity initiative.
The projects include the $500 million HOPE Governance Programme, the $500 million Primary Healthcare Provision Strengthening Programme and the $500 million Sustainable Power and Irrigation Project.
According to the World Bank, the programmes are intended to improve access to quality education and healthcare while strengthening governance and accountability in public service delivery.
However, implementation remains at an early stage.
The HOPE Governance Programme has received only about $3 million in disbursements, while the Primary Healthcare Programme has received about $75.35 million.
Together with the Sustainable Power and Irrigation Project, the three programmes have recorded total disbursements of approximately $111.35 million, representing about 7.4 per cent of the approved financing.
In March 2025, the World Bank approved another package comprising the $500 million HOPE for Quality Basic Education for All Project, the $500 million Community Action for Resilience and Economic Stimulus Programme and the $80 million Accelerating Nutrition Results in Nigeria 2.0 Project.
The financing is expected to improve education quality, strengthen support for vulnerable households and tackle malnutrition among women and children.
None of the projects has recorded any disbursement.
Financial inclusion and digital infrastructure have also featured prominently in the administration’s borrowing profile.
In December 2025, the World Bank approved the Fostering Inclusive Finance for MSMEs in Nigeria Project, comprising a $400 million International Bank for Reconstruction and Development facility and a $100 million International Development Association credit.
The project is expected to improve access to finance for micro, small and medium enterprises, strengthen financial institutions and mobilise private capital.
Neither component has recorded any disbursement.
In October 2025, the World Bank also approved the $500 million Building Resilient Digital Infrastructure for Growth Project to expand broadband connectivity and strengthen Nigeria’s digital infrastructure.
Similarly, in September 2025, the bank approved $250 million for the Health Security Programme in Western and Central Africa, Nigeria Phase II, aimed at strengthening disease surveillance and emergency preparedness. The project is yet to record any disbursement.
Overall, economic reforms, power, agriculture, education, healthcare and social protection account for the largest share of World Bank financing approved under the Tinubu administration.
By comparison, World Bank financing under Buhari covered sectors including fiscal reforms, agriculture, power, education, health, mining, water resources, erosion control, livestock development, business reforms and COVID-19 response.
The analysis further showed that Tinubu’s administration has averaged approximately $3.7 billion in World Bank approvals annually since taking office, compared with Buhari’s annual average of about $1.82 billion over eight years.
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Meanwhile, data released by the Debt Management Office showed that Nigeria’s debt to the World Bank rose by $2.08 billion within one year to $19.89 billion as of December 31, 2025, from $17.81 billion recorded in 2024.
The increase represents an 11.7 per cent rise and means that World Bank loans now account for about 38.36 per cent of Nigeria’s total external debt stock of $51.86 billion.
Reacting to the rising commitments, Lagos-based economist Adewale Abimbola said borrowing from multilateral institutions such as the World Bank is not necessarily harmful because the loans are concessionary, with lower interest rates and longer repayment periods.
He stressed that the key issue is whether the borrowed funds are channelled into productive investments capable of generating long-term economic returns.
Development economist and Chief Executive Officer of CSA Advisory, Dr Aliyu Ilias, expressed concern over the country’s growing debt profile, arguing that increased borrowing is difficult to justify when the government claims to have significantly improved revenues.
He warned that rising debt servicing obligations were already reducing public spending on infrastructure and other critical sectors while contributing to inflationary pressures and exchange rate challenges.
Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, emphasised that debt sustainability depends largely on the government’s ability to generate sufficient revenue to service its obligations.
According to him, foreign borrowing should be approached cautiously because of exchange rate risks, while projects financed through such loans should directly support economic growth and improve repayment capacity.
Responding to concerns over the pace of loan disbursement, the World Bank’s Senior External Affairs Officer, Mansir Nasir, explained that financing is released in phases based on agreed milestones and project implementation progress rather than as a one-time payment.
He added that projects must also meet agreed conditions between the Federal Government and the World Bank before disbursements can commence.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, recently defended the government’s borrowing strategy, arguing that the focus should not merely be on the size of the debt but on its purpose, cost, expected returns and repayment terms.
According to him, borrowing to finance productive investments capable of generating returns above the cost of capital remains a rational economic decision.