Nigeria is seeking a fresh $1.25bn loan from the World Bank to back economic reforms, create jobs, and boost investment growth.
The proposed loan, titled Nigeria Actions for Investment and Jobs Acceleration, is expected to go before the World Bank board for approval on June 26, 2026, just months before the 2027 presidential election.
If approved, the loan, valued at about ₦1.7tn, would rank among the biggest World Bank loans secured under President Bola Tinubu and could push the country’s total public debt beyond ₦160trn.
According to a World Bank document, the loan is meant “to support the government’s efforts to expand access to finance, digital, and electricity services, and strengthen competitiveness through tax, trade, and agriculture reforms.”
The document also revealed that the loan has reached the “decision meeting stage” in the approval process, showing that talks and key conditions have mostly been settled before final approval.
“The review did authorise the team to appraise and negotiate,” the document added.
Checks showed the World Bank approved about $9.35bn in loans and credits for Nigeria between June 2023 and May 2026 in sectors such as power, education, healthcare, agriculture, and economic reforms.
If approved, total World Bank loans secured under Tinubu could rise to about $10.6bn.
Reacting earlier, Accountant-General of the Federation, Shamseldeen Ogunjimi, warned that Nigeria could turn down World Bank loans if approval delays continue.
“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” he said.
The World Bank also warned that “political and governance risks are elevated ahead of the 2027 elections, with pressures that could delay or reverse sensitive reforms.”
