By: Ganiyu Olayinka
The World Bank has moved to limit comments on its Instagram page after a surge of reactions from Nigerians opposing a proposed $1.25 billion loan facility being negotiated with the Federal Government under President Bola Tinubu.
The backlash followed reports that Abuja is in advanced talks with the Washington-based lender over a loan package designed to support economic reforms, electricity expansion, digital infrastructure, agricultural development, and job creation. The proposed facility titled Nigeria Actions for Investment and Jobs Acceleration is scheduled for presentation to the World Bank’s board for approval on June 26, 2026.
If approved, it would rank as the second-largest single World Bank facility secured by the Tinubu administration, surpassed only by the $1.5 billion Reforms for Economic Stabilisation to Enable Transformation (RESET) Development Policy Financing approved in June 2024. At the current exchange rate of N1,361.4 per dollar, the proposed loan is valued at approximately N1.70 trillion.
The announcement triggered a wave of public opposition, with many Nigerians flooding the World Bank’s social media platforms to urge the institution to halt further lending to Nigeria, citing growing public debt and deepening economic hardship. The World Bank’s Instagram page subsequently saw a sharp spike in engagement, prompting the organisation to restrict comments in a move widely interpreted as an effort to manage the volume of Nigeria-related reactions.
A Growing Debt Portfolio
An analysis of World Bank approvals shows the institution has extended approximately $9.35 billion in loans and credits to Nigeria between June 2023 and May 2026, covering sectors including power, education, healthcare, agriculture, renewable energy, social protection, small business financing, and economic reform support.
Among the largest tranches were the $2.25 billion RESET and ARMOR reform financing approved in June 2024, $1.57 billion for the HOPE and SPIN programmes in September 2024, and $1.08 billion for education and resilience initiatives approved in March 2025.
Should the fresh $1.25 billion facility gain board approval next month, total World Bank financing commitments to Nigeria under the Tinubu administration would reach approximately $10.6 billion.
The Fact : Disbursement Timelines Vary
However, analysts have cautioned that the headline figures do not reflect funds already in government hands. World Bank facilities are typically disbursed in tranches, with releases tied to specific reform benchmarks and policy conditions meaning significant portions of approved loans may remain inaccessible until the Nigerian government meets agreed milestones.
Tags: #Nigeria #World bank #President Tinubu