Nigeria has secured $11.4 billion in World Bank loans since President Bola Tinubu assumed office in May 2023, bringing the administration within striking distance of surpassing the total financing approved during former President Muhammadu Buhari’s eight years in office.
Data obtained from the World Bank shows that between June 2023 and June 2026, the lender approved projects worth $11.40 billion for Nigeria. The amount represents about 78.2 per cent of the $14.59 billion approved during Buhari’s administration between May 2015 and May 2023.
The figures highlight the pace at which the current administration has expanded its engagement with the multilateral lender to finance economic reforms, infrastructure and human capital development.
World Bank loans rise under Tinubu
The latest approvals mean Tinubu’s administration needs another $3.19 billion in financing approvals to exceed the total secured during Buhari’s two terms.
The data also shows that the current administration has already outperformed Buhari’s first term in office.
Projects approved between 2015 and 2019 amounted to about $5.56 billion, meaning the current administration has secured more than double that amount within three years.
The increase reflects a stronger reliance on multilateral financing to support ongoing economic reforms and development programmes across several sectors.
Disbursement of World Bank loans trails approvals
Despite the high volume of approvals, project implementation remains at an early stage.
World Bank records show that only $2.32 billion of the $11.40 billion approved under Tinubu has been disbursed.
About $8.41 billion remains available for future drawdowns, giving the current portfolio a disbursement rate of roughly 20.3 per cent.
In contrast, projects approved during Buhari’s administration have recorded significantly higher implementation.
Of the $14.59 billion approved between 2015 and 2023, about $11.94 billion has already been released, while only $1.53 billion remains undisbursed.
The difference reflects the maturity of older projects, many of which have been completed or are approaching completion.
Economic reforms dominate funding
Economic reforms account for the largest share of the recent World Bank loans approved for Nigeria.
The biggest financing package came in June 2024 when the World Bank approved $2.25 billion to support fiscal and macroeconomic reforms.
The package consisted of the $1.5 billion Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing programme and the $750 million Nigeria Accelerating Resource Mobilisation Reforms Programme-for-Results.
According to the World Bank, the facilities are designed to strengthen public finances, improve domestic revenue generation and cushion vulnerable households during the implementation of key reforms.
The RESET programme has been fully disbursed, while the ARMOR programme has released more than $280 million.
Power, agriculture and digital projects expand
Beyond reform financing, World Bank loans have supported major investments in agriculture, electricity and digital infrastructure.
In June 2026, the bank approved the Nigeria Actions for Investment and Jobs Acceleration programme valued at $1.25 billion.
The initiative aims to stimulate private investment, create jobs, improve energy access and strengthen agricultural productivity.
The agriculture sector also received a $500 million credit in March 2026 for the Sustainable Agricultural Value-Chains for Growth project.
Meanwhile, the power sector has attracted substantial support through projects such as the $750 million Power Sector Recovery Performance-Based Operation and the $750 million Distributed Access through Renewable Energy Scale-up Project.
The renewable energy programme is expected to provide improved electricity access to approximately 17.5 million Nigerians.
Education and healthcare receive fresh investment
Education and healthcare remain among the largest beneficiaries of recent World Bank financing.
The Adolescent Girls Initiative for Learning and Empowerment secured $700 million in September 2023 and has already recorded disbursements exceeding $148 million.
The Nigeria for Women Programme Scale-Up also received $500 million to improve economic opportunities for women.
In September 2024, the World Bank approved three additional projects worth $1.5 billion under the Human Capital Opportunities for Prosperity and Equity programme.
The initiatives focus on strengthening governance, improving primary healthcare services and expanding access to quality education.
Most of the projects remain in the early stages of implementation.
Nigeria’s borrowing strategy evolves
The World Bank has also approved financing for digital infrastructure, financial inclusion and health security.
These include a $500 million project to strengthen broadband infrastructure, a $500 million programme supporting finance for micro, small and medium-sized enterprises, and a $250 million health security initiative aimed at improving disease surveillance and emergency preparedness.
Overall, the current administration has averaged about $3.7 billion in annual World Bank approvals since taking office.
By comparison, Buhari’s administration averaged approximately $1.82 billion in approvals each year over eight years.
The latest World Bank loans underscore Nigeria’s continued dependence on multilateral financing to fund development priorities while pursuing economic reforms, expanding infrastructure and improving access to essential public services.
