₦airaland Forum

The Federal Government is set to secure six new loans totalling $2.23bn from the World Bank in 2025 as the international financial institution continues to support the country’s economic and structural reforms.

Data from the World Bank’s official website indicates that this will bring Nigeria’s total approved loans to $9.25bn over three years, reflecting a growing reliance on multilateral funding to support critical sectors of the economy, including infrastructure, healthcare, education, and economic resilience.

An analysis of Nigeria’s loan approvals from the World Bank since 2023 under the administration of President Bola Tinubu shows a significant increase in funding commitments.

In 2023, the World Bank approved loans amounting to $2.7bn, which primarily targeted projects in renewable energy, women’s empowerment, education, and the power sector.

Among the projects approved that year was the Nigeria Distributed Access through Renewable Energy Scale-up Project, which received $750m to expand private sector-led access to reliable electricity services for households, public institutions, and commercial customers.

Another notable loan approved in 2023 was the Additional Financing for Adolescent Girls Initiative for Learning and Empowerment, valued at $700m, aimed at improving secondary education opportunities for girls in targeted areas.

The World Bank also approved $500m for Nigeria for Women Programme Scale-Up Project, which sought to institutionalise Women Affinity Groups and enhance economic opportunities for unbanked women.

Also, Nigeria – AF Power Sector Recovery Performance-Based Operation received $750m to improve electricity supply reliability, achieve financial and fiscal sustainability, and enhance accountability in the power sector.

The funding approvals recorded in 2024 significantly surpassed those of the previous year, with a total of $4.32bn allocated to various projects.

This increase was largely due to Nigeria’s growing need for financial assistance to stabilise the economy amid mounting fiscal pressures and rising public debt.

One of the largest approvals in 2024 was the Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing, which received $1.5bn.

The objective of this funding was to strengthen Nigeria’s economic policy framework by creating fiscal space and protecting vulnerable populations.

Another major loan approval was the NG Accelerating Resource Mobilisation Reforms Programme for Results, which was allocated $750m to raise non-oil revenues and safeguard oil and gas revenues.

Other key approvals in 2024 included the Rural Access and Agricultural Marketing Project – Scale-Up, which received $500m to improve rural access and climate resilience, and the Nigeria Primary Healthcare Provision Strengthening Programme, which was approved for $570m to enhance the utilisation of essential healthcare services and improve health system resilience.


The Nigeria Human Capital Opportunities for Prosperity and Equity – Governance initiative was also approved in 2024, securing $500m in funding to strengthen financial and human resource management in the basic education and primary healthcare sectors.

The Sustainable Power and Irrigation for Nigeria Project, which sought to strengthen dam safety and improve the management of water resources for hydropower and irrigation, was allocated $500m.

So far, not less than 10 loan projects have been approved by the World Bank under the current administration of Bola Tinubu.

For 2025, Nigeria is looking to secure six new loans from the World Bank, with a combined value of $2.23bn.

The planned loans cover key sectors such as digital infrastructure, healthcare, education, nutrition, and community resilience.

Among the new projects in the pipeline is the Building Resilient Digital Infrastructure for Growth initiative, which is expected to receive $500m to expand broadband internet access in underserved areas of the country.

This project aligns with the Federal Government’s digital economy strategy, which seeks to improve connectivity and enhance economic opportunities through the expansion of high-quality digital infrastructure.

Another loan under consideration is the Nigeria Health Security Programme, which is expected to receive $300m to increase regional collaboration and health system capacities to prevent, detect, and respond to health emergencies.

This funding is particularly crucial given Nigeria’s ongoing public health challenges, including the threat of disease outbreaks and the need for stronger emergency preparedness.

The Solutions for Internally Displaced and Host Communities Project is also in the approval pipeline, with a proposed loan of $300m to improve access to basic services and economic opportunities for internally displaced persons and host communities in northern Nigeria.

The World Bank is also in the process of reviewing the Accelerating Nutrition Results in Nigeria 2.0 project, which is expected to receive $80m to enhance the provision of cost-effective, convergent, nutrition-specific and nutrition-sensitive services for pregnant and lactating women, adolescent girls, and children under the age of five.

Another significant loan expected to be approved in 2025 is the HOPE for Quality Basic Education for All project, which is projected to receive $552m to improve foundational learning outcomes, increase access to basic education, and strengthen education systems in participating states.

The final project under consideration for approval is the Nigeria Community Action for Resilience and Economic Stimulus Programme, which is expected to secure $500m to expand access to livelihood support, food security services, and grants for poor and vulnerable households and firms.

The negotiation process for these projects is currently at various stages, ranging from concept reviews to decision meetings.

The BRIDGE initiative and the Health Security Programme are at the concept review stage, indicating that they are still in the early phases of assessment and planning.

Meanwhile, projects such as the HOPE for Quality Basic Education and the Nutrition Results Programme have advanced to the negotiation stage, increasing the likelihood of approval within the year.

Board approvals are expected to take place between March and September. Two key projects are scheduled for board approval on March 31, 2025.

The Accelerating Nutrition Results in Nigeria 2.0 initiative, being handled by the Federal Ministry of Health and Social Welfare, is expected to receive $80m to support nutrition interventions for pregnant and lactating women, adolescent girls, and children under five.

Similarly, the HOPE for Quality Basic Education for All project, under the supervision of the Federal Ministry of Education and the Universal Basic Education Commission, is also set for approval on the same date, with a proposed loan of $552.2m aimed at improving foundational learning and increasing access to basic education in participating states.

Meanwhile, the Community Action for Resilience and Economic Stimulus Programme is slated for approval on March 17, 2025.

Later in the year, the Solutions for the Internally Displaced and Host Communities Project is expected to receive board approval on July 15, 2025.

The Nigeria Health Security Programme, which aims to enhance regional collaboration and strengthen health system capacities to respond to emergencies, is due for board approval on August 19, 2025.

The final loan approval scheduled for 2025 is the Building Resilient Digital Infrastructure for Growth project, with board approval set for September 15, 2025.

The rising trend in World Bank loan approvals for Nigeria affirms the international lender’s confidence in the country’s reform agenda, particularly in key areas such as fiscal policy, human capital development, and infrastructure improvement.

The Nigerian government has, in recent years, intensified efforts to secure foreign loans to finance its development initiatives, with a focus on closing infrastructural gaps, improving service delivery, and fostering economic stability.

While external funding remains a vital component of the government’s financial strategy, concerns about Nigeria’s rising debt profile continue to be a subject of debate among economic analysts.

The consistent growth in the World Bank’s financial commitments to Nigeria, from $2.7bn in 2023 to $4.32bn in 2024, and the anticipated $2.23bn in 2025, highlights the country’s increasing dependence on concessional financing to drive structural reforms and public sector investments.

This funding trajectory reflects the government’s strategy to leverage international support in addressing economic challenges and implementing key reforms aimed at achieving long-term stability and growth.

The PUNCH further observed that Nigeria has retained its position as the third-largest debtor to the World Bank’s International Development Association, despite its exposure dropping to $16.8bn as of December 31, 2024.

According to the World Bank’s latest financial statements for the fiscal year up to December 2024, Nigeria’s debt to the IDA dropped by $300m in three months from $17.1bn recorded in September 2024.

However, the current amount is still higher than the $16.5bn recorded in June 2024.

According to data from the external debt report released by the Debt Management Office, the World Bank’s share of Nigeria’s debt totals $17.32bn, with the majority owed to the International Development Association, which accounts for $16.84bn, which represents 39.14 per cent of Nigeria’s total external debt.

The International Bank for Reconstruction and Development, another arm of the World Bank, is owed $485.08m, or 1.13 per cent.

The PUNCH earlier reported that the Federal Government spent $3.58bn servicing its foreign debt in the first nine months of 2024, representing a 39.77 per cent increase from the $2.56bn spent during the same period in 2023.

This was according to data from the Central Bank of Nigeria on international payment statistics.

The significant rise in external debt service payments shows the mounting pressure on Nigeria’s fiscal balance amid ongoing economic challenges.

In an earlier statement, the Federal Government reaffirmed its commitment to reducing reliance on external debt financing and driving economic independence through strategic partnerships with the World Bank.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, made this known during a meeting with the World Bank Executive Director, Dr Zainab Shamsuna Ahmed, where he outlined Nigeria’s shift towards private sector-led growth.

The statement read, “Edun emphasised that President Tinubu remains focused on strengthening Nigeria’s economic foundation, reducing dependency on external borrowing, and ensuring long-term, private-sector-led development.”

Edun acknowledged the critical role played by the World Bank in Nigeria’s development but stressed that the government is prioritising a business-friendly environment to attract sustainable investments.

The Director-General of the DMO, Ms Patience Oniha, has lauded the World Bank for its unwavering support to Nigeria.

Speaking at the 2025 National Sensitisation Workshop on the State Action on Business Enabling Reforms Programme last Monday, Oniha highlighted the multifaceted assistance provided by the international financial institution.

“I would like to acknowledge the World Bank and commend them for their support to Nigeria in various forms,” Oniha stated.

She emphasised that Nigeria benefits from both concessional and semi-concessional funding from the World Bank, which has been instrumental in financing critical development projects across the nation.

Beyond financial aid, Oniha affirmed the significant role of the World Bank in capacity building.

She noted that the institution offers extensive training and technical assistance, enhancing the operational efficiency of Nigerian agencies, including the DMO.

“The World Bank is one development partner that I can call and say we have a need in this area, and they’ve been here with us,” she remarked, highlighting the bank’s responsiveness to Nigeria’s developmental needs.

Oniha further expressed that the collaboration with the World Bank has yielded substantial benefits, particularly in strengthening the DMO’s institutional capacity.

“At the DMO, we’re still a growing and learning institution. So, they help us do our work better and also support the work that we do with you, the States,” she added, acknowledging the positive impact of the partnership on both federal and state-level operations.

Source: https://punchng.com/Nigerias-WBank-debt-may-hit-$9.2bn-as-FG-eyes-six-loans

Loan loan loan..

Just make it $20 billion.
$9.2B is too small.

Lol

Another day another loan.

But wait oh our GDP keeps rising our naira keeps gaining strength against the dollar, our country is now the biggest investment destination but our BORROWING keeps increasing.

CARDOSO is the worst thing to happen to Nigeria. That guy is a DAFT. CBN is not LAPO.

Atheistan:
Loan loan loan..

..............to buy more luxuries and steal by APC leaders looters, whose followers are happy to be dashed palliative bread every day like manna instead of jobs to earn a living in dignity.
What a waste!

chisomkachy:
Nigerian President Bola Tinubu’s first supplementary budget includes a fleet of SUVs for himself and his wife, a presidential yacht and the renovation of his villa amid a cost-of-living crisis for some of the poorest people in the world.

The proposal — which seeks additional funding beyond the annual budget approved by Tinubu’s predecessor — comes as the government asks Nigerians to persevere through pain caused in part by a raft of economic reforms ushered in by the new president. Africa’s most populous country faces rampant unemployment, soaring food prices and a plummeting currency.

Federal lawmakers approved the president’s request for extra spending on Thursday, but eliminated the provision of 5 billion naira ($6.01 million) to buy a presidential yacht. Instead, they doubled the allocation to a student loan fund to 10 billion naira, according Abubakar Bichi, chairman of an appropriations committee in the House of Representatives.

The lawmakers approved 1.5 billion-naira proposed to purchase SUVs for the office of First Lady Oluremi Tinubu — an amount larger than that allocated to many individual federal colleges. The supplementary budget also proposes almost 6 billion naira to purchase SUVs for the presidency — more than the amount initially allocated to fund a student loan program for poor families.


https://www.bloomberg.com/news/articles/2023-11-02/nigeria-budgets-for-suvs-and-yachts-amid-economic-hardship

Take loans to live large.
Yeye government.

Tinubu rigged election just to mismanaged Nigeria

Tinubu is a wicked man kinda. He likes to enjoy wealth with the people around him enjoying him as a free giver but he is taking and getting this money from the ordinary poor Nigerians and will leave us after he is tired of ruling to suffer all the detriment of his actions.

A good leader will in as much as possible try to avoid loan debts at this stage but this one up there enjoys the proceeds from the loans. What a mess Nigeria is into is no child's play

Which way Nigeria

The primary responsibility of the government according to the 1999 constitution of the federal republic of Nigeria is the protection of lives and property, has government at every level met this most essential law. That's what they call enabling environment.

Useless country, useless leaders

FG can't provide good Federal Trunk A roads at this age. Tueh

ValarDoharis:
Tinubu rigged election just to mismanaged Nigeria

He did not need to rig the elections since Pandora Bitter Obi and his tribal headless mob did that for him with their nearly 100% votes in the south yeast that helped put his ebilokan ass into Aso Rock.

jameshankss:
Anambra State Governor, Professor Chukwuma Soludo, has said he is sure the candidate of Labour Party (LP), Mr Peter Obi, would lose the 2023 presidential election. Soludo said he would not submit to the bullying of Obi’s supporters, who recently descended on him for addressing issues in the state.

The governor made the comments in a lengthy write-up personally authored, with the title, “History Beckons, and I Will Not Be Silent (Part 1).”

Soludo said Obi was inadvertently making the pathway to victory much easier for the presidential candidate of All Progressives Congress (APC), Bola Tinubu, and at the same time, toying with the destiny of millions of Ndigbo.

But the chief spokesperson for the Labour Party Presidential Campaign, Yunusa Tanko, accused Soludo of being sponsored by some unknown persons to weaken the base of the party in the South-east.

The former CBN governor had been under intense attack for close to a week for dismissing Obi’s investment in the state as amounting to nothing, during a television interview.

Soludo said in the write-up, “My attention has been drawn to some of the tirades on social media following my frank response during an interview on Channels TV regarding the ‘investments’ Mr. Peter Obi claimed to have made with Anambra State revenues.

“Sadly, several of the comments left the issue of the interview to probe or suggest motives, inferred from my response on ‘investment’ that I am opposed to Peter Obi’s ambition and, therefore, committed a ‘crime’ for which the punishment is internecine abuse and harassment, even to my family.

“Everyone knows that I don’t follow the winds or one to succumb to bullies, or shy away from a good fight especially, when weighty matters of principles and future of the people are involved.”

Soludo said he had urged Obi to return to his former party, the All Progressives Grand Alliance (APGA), to actualise his presidential bid. He added that he had always told the LP candidate to his face that he was not capable of winning the 2023 presidential election, especially, under LP, which had neither a councillor nor a local government chairman.

Soludo said Obi was not just his friend, but also his brother, but despite that, they have their political differences.

He stated, “For full disclosure, let me state that Peter Obi and I are not just friends, we call ourselves ‘brothers’. But we have political differences: he left APGA for PDP after his tenure as governor, while I have remained in APGA since 2013.

“During the last two governorship elections in Anambra in 2017 and 2021, he led the PDP campaigns but APGA won landslide in both elections. By the way, in 2016, he visited and proposed that I defect to PDP and contest the 2017 election against the incumbent Willie Obiano, but I declined.

“After my victory in November 2021, he called to congratulate me, as I did to him in 2010. That is the Anambra way: we fight fiercely during campaigns but share drinks at the next social events. After all, it was the Great Zik of Africa, who taught us that in politics, there are no permanent friends or permanent enemies but only permanent interests.”

Arguing that Obi’s presidential bid would only work in favour of Tinubu, Soludo said, “Indeed, if I were Asiwaju Tinubu, I would even give Peter Obi money as someone heading one of the departments of his campaign, because Obi is making Tinubu’s pathway to victory much easier by indirectly pulling down PDP.”

Obi, according to Soludo, would only deplete the votes of the Peoples Democratic Party (PDP) and pave the path for an APC victory.

He stated, “The current fleeting frenzy, if not checked, will cost Ndigbo dearly for years. The South-east has the lowest number of votes of any region, but it is also the only region where the presidential race might be a four-way race (it is a two-way race in the other five regions) thereby, ensuring that our votes won’t count in the making of the next president of Nigeria.

https://www.thisdaylive.com/index.php/2022/11/15/soludo-i-wont-succumb-to-bullies-obi-knows-he-cant-win/

Tinubu’s Government Is Drowning Nigeria in Debt
1. Reckless Borrowing:
Tinubu’s administration has turned Nigeria into a debt junkie, securing $9.25bn in World Bank loans in just three years.
Instead of fixing revenue generation, they keep mortgaging Nigeria’s future.
2. Empty Promises & No Results:
Loans were taken for power, healthcare, and education, yet blackouts persist, hospitals are underfunded, and schools remain in shambles.
Where is the accountability for the billions borrowed?
3. Debt Servicing Crisis:
Nigeria spent $3.58bn in 9 months just to service foreign debt—a 40% increase from 2023.
The country is bleeding cash while the government keeps taking more loans instead of fixing the economy.
4. False Economic Independence Claims:
Tinubu’s finance minister claims they’re reducing reliance on debt, yet six more loans are coming in 2025!
This government is saying one thing while selling out Nigeria to foreign lenders.
5. World Bank Control:
With $17.32bn owed, Nigeria is now a puppet of the World Bank.
How can we claim sovereignty when foreign institutions dictate our policies?

Government is not fixing Nigeria; it’s burying it under mountains of debt while ordinary Nigerians suffer.
Going on 2 years, can we account for what all the loans have been used for so far ?

So what was the point of devaluing the naira and removing subsidy

I thought these guys say govt has more money than ever before

I hope they are not using the money to clean their yansh this one that they always need more of it

pnordie:
Which way Nigeria

It is the way of SUVs and other luxuries for our president and other government officials.
That is the way of our country, as willed by us, 200 million mumu inhabitants.
Anything else

[quote author=NLCreator post=126854133]Peter Obi, presidential candidate of the Labour Party (LP) in the 2023 elections, has defended the purchase of sports utility vehicles (SUVs) for members of the national assembly.

There have been reports that the leadership of the 10th national assembly has bought SUVs for all lawmakers.

Each SUV is said to be valued at N160 million.

The LP had asked members of the party in the national assembly to kick against “wastage”.

While responding to questions during a press conference in Abuja on Monday, the former governor of Anambra said the SUVs are not personal cars of the lawmakers, noting that they are for official use.

“Let me start with the issue of Labour Party members in the house. I have actually discussed this issue with them,” Obi said.

“Surprisingly, I can tell you I heard that these vehicles are official cars. They have to use it. It is meant for office.

“So it is not as if it is their vehicle. They said it is official cars and you are meant to use it while you are in the senate.”

Obi also hinted at contesting for the country’s number one position in 2027, adding that Nigeria deserves dedicated and visionary leaders who will lead the country towards a brighter future.

https://www.thecable.ng/theyre-for-official-use-obi-defends-purchase-of-n160m-suv-for-lawmakers/amp

Journalist: how do you intend to engage members of your party who are members of the house, so that they can stand different.......?

PO: Let me start with the issue of labour party members in the house, have actually discussed this issue with them, surprisingly, I can tell you ,… pic.twitter.com/svybrcY4t3

— Beyond (@chigozie0102) November 7, 2023

]

What an irony.
Removed as much subsidy as can possibly be removed, increased taxes left and right. incresed oil output per barrel.
Yet can't stop borrowing.

Speechless.

Then what's the essence of removing subsidy?They keep collecting huge loans which don't reflect on the life of the common man.What they do is collect loans and distract us with unreasonable propaganda.We need to do something urgent or else this man will plunge us into serious poverty.Already people are finding it difficult to feed not to talk of meeting up with little things.It is not well at all.

But what is the purpose of this loan, things are not getting better in this country why loan

Does it means we can't run this country without loans . Loan is fueling devaluation and causing inflation.

Ojuntana:
So what was the point of devaluing the naira and removing subsidy

I thought these guys say govt has more money than ever before

I hope they are not using the money to clean their yansh this one that they always need more of it

Is that not how Lagos has been raising IGR, and borrowing unpayable loans despite increased federal allocation with no improvement in common services and utilities as well as facilities maintenance since 1999? Ditto for Borno state.

APC is all about propaganda lies and looting. No more no less.

ManirBK:
Aug 28, 2023
The Federal Government says it has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.

The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.

He said that the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving the business environment for local and foreign investment.

Edun said that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long-term basis.

He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself over time.

https://www.vanguardngr.com/2023/08/fg-ends-borrowing-finance-minister/amp/

Lol.....confused lots.

These were the same people who condemned Buhari for borrowing too much then. I recall even one of the super envagelism scammers in the name of Pastor Adeboye of Redeemed, openly criticised Buhari for borrowing too much then(he has lost his voice now...lol)

Tinubu has borrowed 2.5 times(foreign+local) more in just 2 years compared to what Buhari borrowed in 8 years. Fake accountant...fake strategist bull!!

adenigga:
Source: https://punchng.com/Nigerias-WBank-debt-may-hit-$9.2bn-as-FG-eyes-six-loans

I thought the essence of removing subsidy was to stop these crazy loans and payback the ones owed.

So what are they now doing with money! And they are building coastal highway road not Even investing on Electricity.

Liberia that has a bad economy has 24hrs light. Yet we are comfortable with all these nonsense

Lol
And we use $8 billion to support naira recently 😁😁🤗

Beerfraud Legendhero Helinues zero8zero Madridguy come and explain this one again oooo, I remember your darling daddy told us they were saving trillions of naira when they "removed" fuel subsidy, so why are they still borrowing here and there like almajiri?

Ha 🤔😱

That figure is likely to rise before second quarter is over...