Tinubu Secures $11.4bn World Bank Loan Approvals in Three Years, Nears Buhari’s Eight-Year Record

• President Bola Tinubu’s administration has secured $11.4 billion in World Bank loan approvals in just three years, bringing it close to surpassing the total approvals recorded during Muhammadu Buhari’s eight years in office.

President Bola Tinubu’s administration has secured $11.40 billion in World Bank loan approvals within its first three years in office, placing it on track to surpass the total financing approved during former President Muhammadu Buhari’s eight-year administration.

An analysis of World Bank data showed that Nigeria received $11.40 billion in approved loans between June 2023 and June 2026, compared to $14.59 billion approved throughout Buhari’s presidency from May 2015 to May 2023.

The latest figures indicate that Tinubu’s administration has already secured about 78.2 per cent of Buhari’s total World Bank financing and needs an additional $3.19 billion in approvals to exceed the previous administration’s record.

The data also revealed that approvals under Tinubu have already surpassed the $5.56 billion approved during Buhari’s first term by more than 105 per cent.

Despite the significant approvals, only $2.32 billion has been disbursed so far, leaving $8.41 billion yet to be released. This represents a disbursement rate of about 20.3 per cent.

By comparison, projects approved during Buhari’s administration recorded a much higher implementation level, with $11.94 billion of the $14.59 billion approved already disbursed, representing a disbursement rate of approximately 81.8 per cent.

The World Bank financing under Tinubu has largely been directed towards economic reforms, power, agriculture, education, healthcare, digital infrastructure, financial inclusion and social protection.

Among the biggest approvals was a $2.25 billion financing package approved in June 2024 to support Nigeria’s economic reform programme, strengthen macroeconomic stability, improve domestic revenue mobilisation and cushion the impact of ongoing reforms on vulnerable households.

Another major approval came in June 2026, when the World Bank approved $1.25 billion under the Nigeria Actions for Investment and Jobs Acceleration programme to promote private sector growth, job creation, energy access, digital infrastructure and agricultural productivity.

The report also showed that Tinubu’s administration has averaged about $3.7 billion in World Bank loan approvals annually, compared to Buhari’s average of $1.82 billion per year over eight years.

Meanwhile, Nigeria’s outstanding debt to the World Bank rose to $19.89 billion as of December 31, 2025, accounting for 38.36 per cent of the country’s total external debt stock of $51.86 billion, according to figures from the Debt Management Office.

Reacting to the growing borrowing profile, economists expressed mixed views.

Lagos-based economist Adewale Abimbola argued that borrowing from multilateral institutions is not necessarily harmful if the loans are concessionary and invested in projects capable of generating sustainable economic returns.

“Borrowing isn’t bad; what matters is utilisation,” he said.

However, development economist Dr Aliyu Ilias cautioned that Nigeria’s rising debt burden could reduce public spending on infrastructure and essential services if debt servicing continues to consume a significant share of government revenue.

Similarly, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, stressed that the country’s borrowing strategy must be backed by strong revenue generation and prudent debt management to ensure long-term fiscal sustainability.