Tinubu Administration Secures $11.4bn World Bank Loans in Three Years, Nears Buhari’s Eight-Year Total
President Bola Tinubu’s administration has secured $11.4 billion in World Bank loan approvals within its first three years in office, placing it on track to surpass the total financing approved during former President Muhammadu Buhari’s eight-year tenure, according to an analysis of World Bank data.
The data shows that between June 2023 and June 2026, the World Bank approved $11.4 billion in financing for Nigeria, compared to $14.59 billion approved between May 2015 and May 2023 under Buhari. This means the current administration has already secured about 78.2 per cent of the loans approved during Buhari’s two terms and would require an additional $3.19 billion to exceed that figure.
The approvals under Tinubu have also surpassed the $5.56 billion secured during Buhari’s first term by more than 105 per cent, highlighting a significant increase in multilateral financing under the current administration.
However, World Bank records indicate that only $2.32 billion of the approved funds has so far been disbursed, representing about 20.3 per cent of the total approvals, while $8.41 billion remains available for release. In contrast, projects approved during Buhari’s administration recorded a disbursement rate of about 81.8 per cent, with $11.94 billion already released from the $14.59 billion approved.
The World Bank portfolio under Tinubu is concentrated in key sectors, including economic reforms, education, healthcare, agriculture, energy, digital infrastructure, financial inclusion and social protection.
The largest single approval came in June 2024, when the World Bank approved a $2.25 billion financing package comprising the $1.5 billion Nigeria Reforms for Economic Stabilisation to Enable Transformation (RESET) Development Policy Financing and the $750 million Nigeria Accelerating Resource Mobilisation Reforms (ARMOR) Programme-for-Results.
According to the World Bank, the financing is designed to support Nigeria’s economic reform agenda by strengthening macroeconomic stability, improving domestic revenue mobilisation and cushioning vulnerable households during the implementation of key reforms, including the removal of petrol subsidy and foreign exchange liberalisation.
Records show that the RESET programme has been fully disbursed, while ARMOR has received $280.55 million, leaving $469.45 million yet to be released.
Another major 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, as part of its new Country Partnership Framework (2026–2032) aimed at promoting private sector-led growth, job creation, energy access, digital infrastructure and agricultural productivity.
Agriculture has also attracted significant financing. In March 2026, the bank approved $500 million for the Nigeria Sustainable Agricultural Value-Chains for Growth Project, while another $500 million was approved in December 2024 for the Rural Access and Agricultural Marketing Project Scale-Up. Both projects are yet to record disbursements.
The power sector remains one of the largest beneficiaries of World Bank financing. In June 2023, the bank approved $750 million for the Power Sector Recovery Performance-Based Operation, while another $750 million was approved in December 2023 for the Distributed Access through Renewable Energy Scale-up Project.
The renewable energy project is expected to provide improved electricity access to about 17.5 million Nigerians, although only one component of the financing has recorded disbursement so far.
Education and healthcare have also received substantial support. The World Bank approved the $700 million Adolescent Girls Initiative for Learning and Empowerment (AGILE) in September 2023, alongside a $500 million Nigeria for Women Programme Scale-Up.
In September 2024, the bank further approved $1.5 billion for three projects under the Human Capital Opportunities for Prosperity and Equity (HOPE) initiative, covering governance, primary healthcare and education. Combined disbursements for the three projects currently stand at $111.35 million, representing about 7.4 per cent of the approved funds.
Additional approvals in March 2025 included $500 million for HOPE for Quality Basic Education for All, $500 million for the Community Action for Resilience and Economic Stimulus Programme, and $80 million for Accelerating Nutrition Results in Nigeria 2.0. None of the projects has commenced disbursement.
Financial inclusion and digital infrastructure have also featured prominently. In December 2025, the World Bank approved $500 million for the Fostering Inclusive Finance for MSMEs in Nigeria Project, while another $500 million was approved in October 2025 for the Building Resilient Digital Infrastructure for Growth Project. Both projects are yet to receive disbursements.
The World Bank also approved $250 million in September 2025 for the Health Security Programme in Western and Central Africa – Nigeria Phase II to strengthen disease surveillance and emergency preparedness.
Overall, World Bank approvals under Tinubu average about $3.7 billion annually, compared to $1.82 billion per year during Buhari’s administration, reflecting a faster pace of multilateral financing approvals, although project implementation remains at an earlier stage.
The development comes as Nigeria’s debt to the World Bank rose by $2.08 billion to $19.89 billion as of December 31, 2025, according to data from the Debt Management Office. The increase represents an 11.7 per cent rise from $17.81 billion recorded a year earlier and accounts for 38.36 per cent of the country’s $51.86 billion external debt stock.
Reacting to the rising debt profile, Lagos-based economist Adewale Abimbola said borrowing from multilateral institutions such as the World Bank is generally concessionary and can be beneficial if channelled into productive projects capable of generating sustainable economic growth.
Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, stressed that borrowing should be guided by debt sustainability and backed by projects capable of boosting government revenue and economic productivity.
Responding to concerns over the slow pace of disbursements, the World Bank’s Senior External Affairs Officer, Mansir Nasir, explained that project funds are released in phases based on agreed milestones rather than as lump-sum payments.
Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, defended the government’s borrowing strategy, arguing that debt should be assessed based on its purpose, cost, expected returns and repayment terms rather than on the volume of borrowing alone.
Source: The Punch