The Nigerian government, led by President Bola Tinubu, has borrowed $6.45 billion from the World Bank over the past 16 months, with recent approvals of three new loans totaling $1.57 billion. These loans aim to fund projects in sectors such as education, healthcare, renewable energy, and economic reforms.
Since 2020, the World Bank has approved 36 loan requests to Nigeria, amounting to $24.088 billion. These loans come amid growing concerns about Nigeria’s rising debt and the sustainability of these financial commitments. The government’s debt servicing expenses have surged, with repayments reaching N6.04 trillion in the first half of 2024, a 68.8% increase compared to the same period in 2023.
Despite the escalating debt, the World Bank’s loans are targeted at critical areas such as women’s empowerment, adolescent girls’ education, and climate resilience, with more credit expected before the year ends.
