President Bola Tinubu’s administration has secured $11.40bn in loan approvals
from the World Bank in just about three years, putting it on course to surpass
the total amount approved under former President Muhammadu Buhari’s eight-
year administration, according to the latest data on Nigeria’s borrowing spree.
The data showed that the World Bank approved loans worth $11.40bn for
Nigeria between June 2023 and June 2026, compared with $14.59bn approved
during Buhari’s presidency from May 2015 to May 2023.
The latest figure means Tinubu’s administration has already secured about 78.2
per cent of the total World Bank financing approved during Buhari’s two terms
in office and requires another $3.19bn in approvals to exceed that record.
The data further showed that World Bank loans approved under Tinubu have
already surpassed those listed under Buhari’s first term by more than $5.8bn.
According to the World Bank data, projects approved under Buhari’s first term
amounted to about $5.56bn.
Using the figures contained in the World Bank database, Tinubu’s current
approvals exceed the Buhari first-term total by about 105 per cent.
However, of the $11.4bn approved under Tinubu, only $2.32bn had been
disbursed as of the latest update on the World Bank website, leaving $8.41bn
available for disbursement. This represents a disbursement rate of about 20.3
per cent.
By comparison, projects approved during Buhari’s administration have recorded
much higher implementation levels. Out of the $14.59bn approved during his
presidency, $11.94bn had been disbursed, while $1.53bn remained available.
The figures translate to a disbursement rate of about 81.8 per cent, reflecting the
fact that many of the projects have either been completed, are in repayment or
are approaching completion.
The World Bank portfolio under Tinubu has been concentrated largely in
economic reforms, education, healthcare, agriculture, energy, digital
infrastructure, financial inclusion and social protection.
The single largest approval came in June 2024, when the World Bank approved
a $2.25bn financing package comprising the $1.5bn Nigeria Reforms for
Economic Stabilisation to Enable Transformation Development Policy
Financing and the $750m Nigeria Accelerating Resource Mobilisation Reforms
Programme-for-Results.
According to the World Bank, the financing was designed to support Nigeria’s
economic reform programme, strengthen macroeconomic stability, improve
domestic revenue mobilisation and protect poor and vulnerable households
during the implementation of reforms.
The World Bank said the package was intended to support the Federal
Government’s ongoing reforms, including exchange rate reforms, fiscal
consolidation, and measures aimed at strengthening public finances.
The World Bank data showed that the RESET programme has been fully
disbursed, while the ARMOR programme had recorded disbursements of
$280.55m, leaving $469.45m available.
The reform package attracted public attention because it coincided with the
implementation of major economic reforms, including the removal of the petrol
subsidy and the liberalisation of the foreign exchange market, both of which
contributed to sharp increases in inflation and the cost of living.
The World Bank has consistently maintained that the reforms are necessary to
restore macroeconomic stability and place public finances on a more sustainable
path, although several labour unions, civil society groups and opposition
politicians have criticised the pace of the reforms and their impact on
households.
Another major addition to Tinubu’s World Bank portfolio came on June 29,
2026, when the bank approved the Nigeria Actions for Investment and Jobs
Acceleration programme. The programme consists of two facilities worth
$500m and $750m respectively, bringing total financing under the initiative to
$1.25bn.
Announcing the approval, the World Bank said the financing formed part of its
new Country Partnership Framework for Nigeria covering 2026 to 2032.
According to the bank, the framework aims to support private sector-led
growth, improve job creation, expand energy access, strengthen digital
infrastructure, and improve agricultural productivity.
Agriculture also accounts for a significant share of the approvals under Tinubu.
In March 2026, the World Bank approved a $500m credit for the Nigeria
Sustainable Agricultural Value-Chains for Growth project.
The bank said the project is expected to improve agricultural productivity,
strengthen value chains, increase market access for smallholder farmers and
create employment opportunities across participating states. The facility had yet
to record any disbursement, according to the World Bank data.
In December 2024, the bank also approved three separate credits worth $357m,
$57m and $86m for the Rural Access and Agricultural Marketing Project Scale-
Up, bringing total financing under the programme to $500m. The facilities were
still awaiting disbursement.
The power sector has also remained one of the largest recipients of World Bank
financing under Tinubu. In June 2023, shortly after the inauguration of the
administration, the World Bank approved $750m for the Power Sector
Recovery Performance-Based Operation through separate facilities of $301m
and $449m.
The World Bank data showed that the facilities had disbursed $28.10m and
$41.24m, respectively. In December 2023, the bank approved another $750m
for the Nigeria Distributed Access through Renewable Energy Scale-up Project.
The project comprises three facilities worth $350m, $250m, and $150m.
The World Bank said the programme is expected to provide new or improved
electricity access to about 17.5 million Nigerians through distributed renewable
energy solutions. The data showed that only the $350m facility had recorded
disbursement, amounting to $97.71m, while the remaining two facilities had yet
to record any drawdown.
In September 2024, the World Bank approved another $500m for the
Sustainable Power and Irrigation for Nigeria Project. According to the World
Bank, the project is designed to improve dam safety, strengthen irrigation
infrastructure, and increase hydropower generation in selected locations across
the country.
The World Bank data showed that $33m had been disbursed under the project,
leaving $467m available. Nigeria’s power sector has remained one of the most
heavily financed sectors by the World Bank over the past decade. However,
implementation challenges have also persisted.
Education and healthcare also account for a substantial portion of Tinubu’s
World Bank borrowing. In September 2023, the World Bank approved the
$700m Adolescent Girls Initiative for Learning and Empowerment project. The
project had recorded a disbursement of $148.35m, while $558.22m remained
available.
The World Bank expanded its support for Nigeria’s human capital development
in September 2024 with the approval of three major projects valued at $1.5bn.
The projects comprised the $500m Nigeria Human Capital Opportunities for
Prosperity and Equity Governance programme, the $500m Primary Healthcare
Provision Strengthening Programme and the $500m Sustainable Power and
Irrigation for Nigeria Project.
According to the World Bank, the HOPE programmes are expected to improve
access to quality basic education and primary healthcare services while
strengthening governance and accountability in the delivery of public services.
An analysis of the World Bank data showed that implementation of the projects
remains at an early stage.
The HOPE Governance project had recorded disbursement of $3m out of the
approved $500m, leaving $497m available. The Primary Healthcare Provision
Strengthening Programme had disbursed $75.35m, while $424.65m remained
available. The Sustainable Power and Irrigation Project had drawn $33m,
leaving $467m yet to be disbursed.
Combined, the three projects had received disbursements of $111.35m,
representing about 7.4 per cent of the approved financing.
The World Bank also approved another package of projects in March 2025
covering education, community resilience and nutrition. The package included
the $500m HOPE for Quality Basic Education for All project, the $500m
Community Action for Resilience and Economic Stimulus Programme, and the
$80m Accelerating Nutrition Results in Nigeria 2.0 project.
The financing was intended to improve education quality, support vulnerable
households, and address malnutrition among women and children. The World
Bank data showed that none of the projects had recorded any disbursement as of
the latest update.
Financial inclusion and digital infrastructure also featured prominently in the
Tinubu administration’s World Bank portfolio. In December 2025, the World
Bank approved the Fostering Inclusive Finance for MSMEs in Nigeria project
comprising a $400m International Bank for Reconstruction and Development
facility and a $100m International Development Association credit.
The bank said the project is expected to expand access to finance for micro,
small and medium enterprises, strengthen financial institutions and mobilise
private capital. Neither component had recorded any disbursement.
In October 2025, the World Bank approved the $500m Building Resilient
Digital Infrastructure for Growth project to improve broadband connectivity and
digital infrastructure across Nigeria.
The bank said the project would help increase broadband penetration, improve
digital public infrastructure and support digital inclusion. The project remained
at the effective stage with no disbursement recorded.
The World Bank also approved $250m for the Health Security Programme in
Western and Central Africa, Nigeria Phase II, in September 2025 to strengthen
disease surveillance and emergency preparedness following lessons from the
COVID-19 pandemic. The facility was listed as signed and had yet to record
any disbursement.
A sectoral analysis of the Tinubu administration’s World Bank portfolio showed
that economic reforms, power, agriculture, education, healthcare and social
protection account for the bulk of the financing approved since June 2023.
By comparison, Buhari’s World Bank borrowing was spread across fiscal
reforms, electricity, agriculture, social investment, education, health, erosion
control, mining, water resources, livestock development, business reforms, and
COVID-19 response.
An analysis of annual approval trends showed that Tinubu’s administration has
averaged about $3.7bn in World Bank approvals per year since assuming office
in May 2023. By comparison, Buhari’s administration averaged about $1.82bn
annually over eight years.
The figures indicate that World Bank financing approvals have accelerated
under the current administration, although implementation remains at an earlier
stage than projects approved during the previous administration.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo
Oyedele, recently faulted Nigerians, especially analysts and commentators, for
criticising government borrowing without considering the purpose, cost and
expected returns of such debt.
Oyedele said, “When analysts go on TV and join the populist view to accuse the
government of borrowing, you are doing a disservice. The relevant question is
never simply how much debt.
“It is always debt for what and at what cost, against what return, and repaid on
what terms. A nation, a state, or a business that borrows to finance a productive
asset generating returns above the cost of that capital is not behaving recklessly;
it is behaving rationally.”