President Bola Tinubu’s administration has secured $11.4 billion in World Bank loan approvals in about three years, putting it on track to surpass the total approved during former President Muhammadu Buhari’s eight-year administration, according to an analysis of World Bank data.
The data showed that Nigeria received $11.4 billion in World Bank loan approvals between June 2023 and June 2026, compared with $14.59 billion approved during Buhari’s tenure from 2015 to 2023.
The latest approvals represent about 78.2% of the total financing secured under Buhari and leave Tinubu’s administration needing another $3.19 billion in approvals to exceed that figure.
World Bank records also showed that Tinubu’s approvals have already surpassed the $5.56 billion approved during Buhari’s first four years in office.
Despite the volume of approvals, only $2.32 billion has been disbursed under Tinubu’s administration, representing a disbursement rate of about 20.3%, while $8.41 billion remains available.
By comparison, projects approved under Buhari recorded a much higher implementation rate, with $11.94 billion of the $14.59 billion approved already disbursed, representing about 81.8%.
Most of the financing approved under Tinubu has been directed toward economic reforms, power, agriculture, education, healthcare, 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 to support Nigeria’s economic reform programme, improve domestic revenue mobilisation and strengthen macroeconomic stability.
The package included the Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing and the Nigeria Accelerating Resource Mobilisation Reforms Programme.
According to the World Bank, the funding supports reforms such as foreign exchange liberalisation, fiscal consolidation and measures to strengthen public finances while protecting vulnerable households.
The bank also approved a $1.25 billion Nigeria Actions for Investment and Jobs Acceleration programme in June 2026 as part of its 2026-2032 Country Partnership Framework.
Other major approvals include $500 million for agricultural value-chain development, $750 million for power sector recovery, $750 million for renewable energy expansion, $700 million for girls’ education, $500 million for women’s economic empowerment and several healthcare, education and digital infrastructure projects.
According to the World Bank, many of the recently approved projects remain in the early stages of implementation and have yet to begin disbursement.
An analysis of annual approvals showed Tinubu’s administration has averaged about $3.7 billion in World Bank approvals annually since assuming office, compared with an average of $1.82 billion per year during Buhari’s eight years.
Separate data from the Debt Management Office showed Nigeria’s debt to the World Bank rose from $17.81 billion at the end of 2024 to $19.89 billion as of Dec. 31, 2025, an increase of $2.08 billion.
The World Bank now accounts for 38.36% of Nigeria’s total external debt stock of $51.86 billion, according to the DMO.
Economists offered differing views on the rising borrowing.
Lagos-based economist Adewale Abimbola said concessionary loans from multilateral institutions can be beneficial if invested in productive projects capable of generating long-term economic returns.
Development economist Aliyu Ilias however, warned that Nigeria’s rising debt burden could reduce public spending, increase inflation and worsen foreign exchange pressures if not properly managed.
Similarly, Muda Yusuf said debt sustainability should remain the government’s priority, stressing that borrowed funds must support projects capable of generating revenue for repayment.
Responding to concerns over slow disbursement, World Bank Senior External Affairs Officer Mansir Nasir said project financing is released in stages after agreed milestones are achieved rather than in a single payment.
Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele defended the government’s borrowing, arguing that the focus should be on how loans are utilized rather than the size of the debt.
He said borrowing for productive investments that generate returns above their financing costs is a rational economic strategy.
