President Bola Tinubu’s administration has secured $11.4 billion in World Bank loan approvals within its first three years in office, bringing it within $3.2 billion of surpassing the total approvals obtained during former President Muhammadu Buhari’s eight-year tenure, according to an analysis of World Bank data.
The figures show that between June 2023 and June 2026, the World Bank approved loans worth $11.4 billion for Nigeria under the Tinubu administration, compared with $14.59 billion approved between May 2015 and May 2023 during Buhari’s presidency.
The approvals represent about 78.2 per cent of the total financing secured under Buhari, leaving Tinubu’s administration requiring an additional $3.19 billion in approvals to exceed the previous administration’s record.
The data also indicate that the current administration has already surpassed the $5.56 billion approved during Buhari’s first four years in office by more than 100 per cent.
Despite the high volume of approvals, implementation remains at an early stage. Of the $11.4 billion approved so far, only $2.32 billion has been disbursed, leaving about $8.41 billion yet to be released. This translates to a disbursement rate of about 20.3 per cent.
In contrast, projects approved under Buhari’s administration recorded an 81.8 per cent disbursement rate, with $11.94 billion released from the total $14.59 billion approved.
The World Bank’s financing under Tinubu has focused on economic reforms, agriculture, education, healthcare, energy, digital infrastructure, financial inclusion and social protection.
Among the largest approvals was a $2.25 billion package granted in June 2024 to support Nigeria’s economic reform programme, including fiscal reforms, domestic revenue mobilisation and measures to cushion vulnerable households during the implementation of key policy changes.
Another major approval came in June 2026 when the World Bank approved $1.25 billion for the Nigeria Actions for Investment and Jobs Acceleration programme under its new Country Partnership Framework for Nigeria covering 2026 to 2032.
The bank also approved substantial funding for agriculture, renewable energy, education, healthcare, digital infrastructure and financial inclusion, although several of the projects are yet to commence disbursement.
The Federal Government’s borrowing from the World Bank has continued to attract mixed reactions from economists.
Lagos-based economist, Adewale Abimbola, argued that concessional loans from multilateral institutions are not necessarily problematic if channelled into productive investments capable of generating long-term economic returns.
Development economist and Chief Executive Officer of CSA Advisory, Dr Aliyu Ilias, however, questioned the growing debt profile, warning that rising debt servicing obligations could weaken capital expenditure, limit job creation and worsen fiscal pressures.
Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, stressed that borrowing should be guided by debt sustainability, strong revenue generation and investments capable of supporting future repayment.
Responding to concerns over the pace of disbursement, the World Bank explained that project funds are released in phases after agreed implementation milestones are achieved rather than as a single payment.
The Senior External Affairs Officer of the World Bank, Mansir Nasir, said disbursement timelines vary according to the financing instrument and the progress recorded by each project.
Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has defended government borrowing, maintaining that the value of any loan should be assessed based on its purpose, cost, expected returns and repayment terms, rather than on the size of the debt alone.
