President Bola Tinubu and World Bank logo
President Bola Ahmed Tinubu led federal government is asking the World Bank for another $1.25 billion loan to fund investment and job creation.
The loan, called Nigeria Actions for Investment and Jobs Acceleration, is close to approval and could be presented to the World Bank board on June 26, 2026.
If approved, it will be the second-largest World Bank loan Nigeria would get under Tinubu. The biggest so far was the $1.5 billion RESET loan approved in June 2024.
At today’s exchange rate, $1.25 billion equals about ₦1.70 trillion. Nigeria’s external debt would rise to roughly ₦77 trillion, and total borrowing from the World Bank under Tinubu would reach $10.6 billion since 2023.
Critics lament about the timing of the proposed facility drawing attention to the election season. The World Bank’s board meeting is set for 6 months before the January 2027 presidential election. Critics also have concerns about why the government is borrowing now and whether the debt is sustainable.
Nigeria’s total public debt has already climbed to a record ₦159 trillion. The government says its economic reforms are working, but analysts worry that fast borrowing could become a problem if it doesn’t lead to more jobs and growth.
The previous $1.5 billion loan came with conditions like removing fuel subsidies and unifying the exchange rate. The government met those terms and got the money in two parts in 2024.
The new loan, designed to accelerate investment and job creation, arrives as the administration argues its reform agenda is gaining traction. Whether the borrowing pace is sustainable is the question opposition voices and economic analysts are pressing hardest.
Many Nigerians have expressed concerns about the rising cost of living and the continued reliance on foreign debt, while some appeal to the World Bank against further borrowing by Nigeria.
