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Abuja, FCT – By Prime Brief Media

The World Bank has approved loans and credits totalling approximately $9.35 billion for Nigeria since the inauguration of President Bola Tinubu in June 2023, according to a review of the Bank's project portfolio.

The loans span multiple sectors, with major projects in education, health, infrastructure, social protection, and economic governance. The largest single facility approved during the period was the $1.5 billion Economic Stabilisation and Inclusive Growth Development Policy Financing operation in 2025.

The revelation has intensified the debate over Nigeria's growing reliance on external borrowing. Critics argue that while the loans are concessional and tied to reforms, the cumulative debt burden is becoming unsustainable. Nigeria's total public debt stood at N159.28 trillion as of December 2025, and debt servicing consumes a large share of revenue.

Defenders of the administration's borrowing strategy say the loans are necessary to fund critical infrastructure and cushion the impact of reforms. "You cannot fix decades of underinvestment without capital. These are smart borrowings, not waste," a finance ministry official told Prime Brief Media.

The government is currently negotiating an additional $1.25 billion facility with the Bank, expected to be approved in June.

Prime Brief Media will report on further economic indicators and official responses as they become available.

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