Of the $11.40bn approved so far, only $2.32bn has been disbursed, leaving approximately $8.41bn yet to be drawn down. This translates to a disbursement rate of about 20.3 per cent
kaNo —
Nigeria has secured $11.40bn in loan approvals from the World Bank within the first three years of President Bola Tinubu’s administration.
The development has put the current government on track to surpass the total approvals obtained during the eight-year tenure of former President Muhammadu Buhari.
An analysis of data sourced from the World Bank’s official database shows that between June 2023 and June 2026, Nigeria received approvals amounting to $11.40bn under Tinubu.
At the current pace, the Tinubu administration would need an additional $3.19bn in approvals to exceed the total financing secured during Buhari’s two terms in office.
Despite the high volume of approvals, disbursement levels under the current administration remain significantly lower compared to previous years.
Of the $11.40bn approved so far, only $2.32bn has been disbursed, leaving approximately $8.41bn yet to be drawn down. This translates to a disbursement rate of about 20.3 per cent.
In contrast, projects approved during Buhari’s presidency recorded much higher implementation rates.
Out of the $14.59bn approved during that period, $11.94bn had been disbursed, while only $1.53bn remained undisbursed.
This reflects a disbursement rate of about 81.8 per cent, suggesting that many of those projects have either been completed or are nearing completion.
The disparity in disbursement rates points to the relatively early stage of implementation for many of the projects approved under Tinubu.
Analysts note that World Bank-funded projects often take time to move from approval to full execution due to procurement processes, compliance requirements, and coordination between federal and state agencies.
These include economic reforms, education, healthcare, agriculture, energy, digital infrastructure, financial inclusion, and social protection.
One of the most significant approvals came in June 2024, when the World Bank approved a $2.25bn financing package to support Nigeria’s economic reform agenda.
The package included $1.5bn for the Nigeria Reforms for Economic Stabilisation to Enable Transformation (RESET) Development Policy Financing and $750m for the Nigeria Accelerating Resource Mobilisation Reforms (ARMOR) Programme-for-Results.
The package also backed key government policies such as exchange rate unification, fiscal consolidation, and measures aimed at strengthening public finances.
The reform-linked financing attracted widespread attention due to its timing, coinciding with major policy shifts by the Federal Government.
These included the removal of petrol subsidies and the liberalisation of the foreign exchange market moves that triggered a sharp rise in inflation and significantly increased the cost of living for many Nigerians.
While the World Bank has consistently defended the reforms as necessary to restore macroeconomic stability and ensure fiscal sustainability, the policies have faced criticism from labour unions, civil society organisations, and opposition figures, who argue that the reforms have imposed severe hardships on citizens.
Another major addition to Nigeria’s financing portfolio came on June 29, 2026, when the World Bank approved the Nigeria Actions for Investment and Jobs Acceleration programme, valued at $1.25bn. The initiative comprises two facilities worth $500m and $750m respectively.
The bank said the programme forms part of its Country Partnership Framework for Nigeria covering 2026 to 2032.
The framework is aimed at supporting private sector-led growth, boosting job creation, expanding access to electricity, strengthening digital infrastructure, and improving agricultural productivity.
The initiative is expected to enhance productivity, strengthen value chains, improve market access for smallholder farmers, and generate employment opportunities.
However, the project had yet to record any disbursement as of the latest update, raising concerns about delays in implementation.
Similarly, in December 2024, the World Bank approved three separate credits worth $357m, $57m, and $86m for the Rural Access and Agricultural Marketing Project Scale-Up, bringing total funding for the programme to $500m. These funds also remain largely undisbursed.
The power sector has emerged as another major beneficiary of World Bank financing under Tinubu.
In June 2023, shortly after the administration assumed office, the bank approved $750m for the Power Sector Recovery Performance-Based Operation, split into two facilities of $301m and $449m.
As of the latest data, only $28.10m and $41.24m had been disbursed from the respective facilities, indicating slow progress in implementation.
In December 2023, the World Bank approved an additional $750m for the Nigeria Distributed Access through Renewable Energy Scale-Up Project.
The initiative, structured into three facilities of $350m, $250m, and $150m, aims to expand electricity access to about 17.5 million Nigerians through renewable energy solutions.
Data shows that only the $350m facility has recorded disbursement so far, with $97.71m released, while the remaining components are yet to see any drawdown.
Economic analysts say the growing volume of approvals reflects continued confidence by international financial institutions in Nigeria’s reform agenda. However, they stress that the real impact will depend on the speed and efficiency of project implementation.
They also warn that delays in disbursement could limit the immediate benefits of the loans, particularly at a time when the country is grappling with inflation, unemployment, and declining purchasing power.
As Nigeria continues to secure significant external financing, attention is increasingly shifting from approvals to execution raising critical questions about the country’s capacity to translate borrowed funds into tangible development outcomes.
