The World Bank is poised to approve fresh loans totalling $632 million to Nigeria today, our correspondent has gathered. This development comes amid growing concerns over Nigeria’s increasing debt profile.
According to reliable sources, the loans are targeted at supporting critical sectors, particularly nutrition improvement and quality basic education in the country.
Documents obtained revealed that the two loans expected to receive approval today include $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project and $552 million for the HOPE for Quality Basic Education for All programme.
Both projects are currently in the final negotiation stage and await formal approval later today. These new financial facilities form part of a broader strategy by the World Bank to bolster Nigeria’s development agenda, with particular focus on healthcare, education, and community resilience.
Our investigations further revealed that the World Bank had already approved a $500 million loan to Nigeria last Friday, March 28, 2025, to support the country’s Community Action for Resilience and Economic Stimulus Programme. This initiative, officially titled NIGERIA: Community Action (for) Resilience and Economic Stimulus Programme, is designed to provide essential support to households affected by economic challenges and strengthen community resilience.
The programme targets vulnerable populations by offering grants to households and small businesses to mitigate economic hardships. The stimulus package will focus particularly on improving food security and creating economic opportunities for communities most affected by recent economic fluctuations.
This recent approval occurred amid delays in releasing funds for a previous loan targeted at poor and vulnerable Nigerians. Further investigations showed that the World Bank disbursed to Nigeria about $315 million out of the $800 million approved for the National Social Safety-Net Program Scale Up, with no further disbursements for over a year.
The delay in funds disbursement is reportedly linked to allegations of fraud detected under the programme. Following allegations of misappropriation of N585 million earmarked for palliative distribution, former humanitarian minister, Betta Edu, was suspended. Her predecessor, Sadiya Umar-Farouq, is also being investigated by the EFCC over alleged laundering of N37.1 billion during her tenure.
Analysis of Nigeria’s loan approvals from the World Bank since 2023 under President Bola Tinubu’s administration indicates a significant increase in funding commitments. In 2023, the World Bank approved loans amounting to $2.7 billion, primarily targeting projects in renewable energy, women’s empowerment, education, and the power sector.
In 2024, funding approvals significantly increased to $4.32 billion, allocated to various projects. For 2025, Nigeria is seeking six new loans from the World Bank, with a combined value of $2.23 billion, covering key sectors such as digital infrastructure, healthcare, education, nutrition, and community resilience.
Under President Tinubu’s administration, the World Bank has approved approximately 11 different loan projects for Nigeria, with secured loans worth $7.45 billion in less than two years. According to the Debt Management Office, the World Bank’s share of Nigeria’s external debt stands at $17.32 billion as of the third quarter of 2024.
Development economist Dr. Aliyu Ilias expressed concerns about Nigeria’s borrowing approach, stating: “I think borrowing itself is not bad, but at the point Nigeria is now, borrowing is becoming a bad thing.”
As Nigeria continues to navigate its debt challenges, experts emphasize the importance of efficient fund utilization and transparent project execution to ensure these loans yield meaningful economic and social benefits for the Nigerian populace.
WORLD BANK SET TO APPROVE $632 MILLION LOAN FOR NIGERIA.
