President Bola Tinubu’s administration has secured $11.40 billion in World Bank loan approvals within its first three years in office, bringing it close to surpassing the total financing approved during former President Muhammadu Buhari’s eight-year tenure.
An analysis of World Bank data showed that Nigeria received loan approvals worth $11.40 billion between June 2023 and June 2026, compared to $14.59 billion approved during Buhari’s administration from May 2015 to May 2023.
The latest approvals represent about 78.2 percent of the total World Bank financing secured under Buhari, meaning Tinubu’s government would need an additional $3.19 billion in approvals to exceed the previous administration’s record.
The data also indicated that the current administration has already surpassed the $5.56 billion approved during Buhari’s first four-year term by more than 105 percent.
Only 20% of approved loans disbursed
Despite the volume of approvals, only $2.32 billion has been disbursed so far, leaving $8.41 billion yet to be released. This translates to a disbursement rate of approximately 20.3 percent.
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By comparison, projects approved under Buhari recorded significantly higher implementation, with $11.94 billion of the $14.59 billion approved already disbursed, representing about 81.8 percent.
Key sectors receiving funding
The World Bank financing secured under Tinubu is concentrated in key sectors including economic reforms, electricity, agriculture, education, healthcare, digital infrastructure, financial inclusion and social protection.
Among the largest approvals was a $2.25 billion package approved in June 2024 to support Nigeria’s economic reforms, improve revenue mobilisation, strengthen macroeconomic stability and provide support for vulnerable households during the implementation of government reforms.
The package included the Nigeria Reforms for Economic Stabilisation to Enable Transformation (RESET) and the Nigeria Accelerating Resource Mobilisation Reforms (ARMOR) programme.
The World Bank said the facilities were designed to support fiscal reforms, exchange rate liberalisation and measures aimed at strengthening Nigeria’s public finances.
Fresh $1.25bn investment programme
On June 29, 2026, the World Bank approved another $1.25 billion under the Nigeria Actions for Investment and Jobs Acceleration Programme, comprising two facilities valued at $500 million and $750 million.
The funding forms part of the World Bank’s new Country Partnership Framework (2026–2032), which focuses on private sector-led growth, job creation, energy access, digital infrastructure and agricultural productivity.
Agriculture, power, health and education receive major funding
The World Bank also approved:
- $500 million for the Nigeria Sustainable Agricultural Value-Chains for Growth Project.
- $500 million for the Rural Access and Agricultural Marketing Project Scale-Up.
- $750 million for the Power Sector Recovery Performance-Based Operation.
- $750 million for the Nigeria Distributed Access through Renewable Energy Scale-up Project.
- $500 million for the Sustainable Power and Irrigation for Nigeria Project.
- $700 million for the Adolescent Girls Initiative for Learning and Empowerment.
- $500 million for the Nigeria for Women Programme Scale-Up.
- $1.5 billion for education, healthcare and governance under the Human Capital Opportunities for Prosperity and Equity (HOPE) programme.
- $500 million for digital infrastructure.
- $500 million to improve access to finance for Micro, Small and Medium Enterprises (MSMEs).
- $250 million for disease surveillance and health security.
Most of these projects remain in the early stages of implementation, with several yet to record any disbursement.
World Bank explains disbursement delays
Responding to concerns over the slow release of funds, the World Bank explained that project financing is not disbursed in a single tranche but released in stages after agreed milestones and implementation conditions are met.
According to the bank, each project follows a specific disbursement schedule based on its financing structure and progress.
Economists divided over rising borrowing
Experts have expressed mixed reactions to Nigeria’s increasing reliance on World Bank financing.
Economist Adewale Abimbola argued that concessionary loans from multilateral institutions are beneficial if invested in productive projects capable of generating economic returns.
“Borrowing is not the problem. What matters is whether the funds are deployed efficiently to stimulate growth and improve public services,” he said.
However, development economist Dr. Aliyu Ilias raised concerns over the country’s rising debt profile, questioning why government continues to borrow heavily despite claims of improved revenue generation.
Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, warned that debt sustainability should remain a priority, stressing that borrowed funds must finance projects capable of generating returns sufficient to service the loans.
Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has defended the government’s borrowing strategy, arguing that the focus should be on the purpose, cost, expected returns and repayment terms of each loan rather than the size of the debt alone.
According to the minister, borrowing to finance productive investments that deliver economic returns is a rational approach to economic development.
