News
Nigeria’s World Bank debt to hit $9.65bn between 2023 to 2025
World Bank loans to Nigeria between 2023 and 2025 are projected to reach $9.65bn by the end of this year as fresh approvals, ongoing negotiations, and disbursements gather pace across key sectors.
The amount covers International Bank for Reconstruction and Development and International Development Association loans only, according to an analysis of data on the bank’s website. When grants are added, total World Bank support rises to about $9.77bn within the three-year window.
The International Bank for Reconstruction and Development provides loans on commercial or near-commercial terms to middle-income and creditworthy low-income countries, while the International Development Association offers highly concessional loans and grants to the world’s poorest nations.
The figures show a steady build-up of commitments with government officials pushing ahead with digital infrastructure, social protection, power, education, and health programmes while defending the concessional nature of the borrowings.
The Federal Government is expected to secure another $500m facility on December 19, 2025, under the Fostering Inclusive Finance for MSMEs in Nigeria project. The operation is being prepared for Board consideration and will be implemented through the Development Bank of Nigeria.
The borrowing cycle under the administration of Bola Tinubu began with $2.7bn in loans in 2023 across four major projects. Financing that year was dominated by power sector recovery, renewable energy access, girls’ education, and women’s economic empowerment.
The Nigeria Distributed Access through Renewable Energy Scale-up project received $750m in IDA financing to expand private sector-led clean energy access. Another $700m IDA credit was approved for girls’ secondary education in participating states. Women’s economic empowerment attracted $500m IDA through the Nigeria for Women Programme Scale Up.
The AF Power Sector Recovery operation received $449m in IBRD financing and $301m in IDA to improve the reliability of the electricity supply and restore financial sustainability in the sector. There were no grant components in 2023, so the entire amount consisted of loans.
The volume of loans rose sharply in 2024 as new approvals reached $4.25bn, representing a 57.4 per cent increase compared with the preceding year. The increase was driven largely by two policy-based operations and three separate $500m IDA investment packages.
The Nigeria Reforms for Economic Stabilisation to Enable Transformation programme provided $1.5bn in loans, split between $750m IBRD and $750m IDA, as the government sought fiscal space and protection for vulnerable populations while reforms continued.
Another $750m IBRD loan was approved for the NG Accelerating Resource Mobilisation Reforms programme to boost non-oil revenues and safeguard oil and gas receipts.
The World Bank also cleared $500m IDA each for rural road access, primary healthcare strengthening, and dam safety and irrigation programmes. The primary healthcare programme included a $70m grant, which lifted total World Bank support for 2024, including grants, to about $4.32bn.
For 2025, the data shows $2.695bn in loans at various stages of project processing alongside $52.18m in grants. Nine operations have already been identified across financial inclusion, digital broadband, health, education, social protection, and institutional capacity.
The largest facilities are tied to $500m IDA each for broadband expansion, basic education, and livelihood support for poor and vulnerable households. Health security, nutrition, and internally displaced communities account for another $630m, while procurement standards receive $65m from IDA.
A $400m IBRD component is included for the MSME finance programme, along with a $100m IDA portion. Also, the Central Bank of Nigeria is to receive a $6.8m grant to strengthen technology-enabled oversight of the banking sector and deepen understanding of payment and remittance systems.
Compared with 2024, the 2025 loan pipeline represents a decline of about 36.6 per cent, though it is broadly in line with the $2.7bn reached in 2023. Across the three years, IDA loans account for about $7.30bn while IBRD loans contribute roughly $2.35bn. Grants add another $122.19m, rising from zero in 2023 to $70.01m in 2024 before easing to $52.18m in 2025.
The portfolio highlights the scale of financing underpinning Nigeria’s reform programme as authorities continue to seek low-cost multilateral resources even as concerns persist over debt sustainability and the need to strengthen domestic revenue mobilisation.
Nigeria’s stock of World Bank International Development Association loans rose to $18.5bn, making it the largest IDA borrower in Africa and the third-biggest in the world.
Fresh data from the IDA’s unaudited financial statements for the third quarter of 2025 confirmed that the country has maintained the ranking it first attained in 2024, when it climbed to third place after overtaking India. The country was the fourth-largest borrower in 2023.
According to the report, Nigeria’s exposure increased from $17.1bn in September 2024 to $18.5bn in September 2025, representing a rise of $1.4bn or 8.2 per cent. The increase reflects the country’s heavier reliance on concessional financing to plug infrastructure gaps, stabilise its reform programme, and support social spending amid volatile oil earnings.
Economists warn that the rising loan pipeline, while potentially beneficial for long-term development, could deepen fiscal pressures if not matched with stronger domestic revenue mobilisation and prudent expenditure management.
Lagos-based economist, Adewale Abimbola, reacting to the rising World Bank commitments to Nigeria, said loans from multilateral institutions such as the World Bank are largely concessionary, with interest rates typically below market levels and longer repayment tenors.
He noted that the critical question is not whether Nigeria should be borrowing, but whether the loans are structured and deployed effectively. “If it’s concessionary and tied to viable projects with medium-term revenue prospects, I don’t think it’s a bad idea,” Abimbola explained. “Borrowing isn’t bad; what matters is utilisation.”
While acknowledging that borrowing is not inherently bad for an economy, he questioned the rationale for taking on more debt at a time when the government claims to have higher revenues. Ilias pointed out that following the removal of fuel subsidy, Tinubu had announced increased revenue inflows.
He added that both the Federal Inland Revenue Service and the Nigeria Customs Service had declared revenue surpluses, further suggesting the government should be able to fund projects without resorting to heavy borrowing.
According to him, the impact of the current borrowing spree is being felt in reduced public service delivery, particularly in capital expenditure, as debt servicing now consumes a significant portion of available revenue.
He warned that this crowding-out effect limits job creation, fuels inflation, and worsens Nigeria’s foreign-exchange imbalance, with the naira trading at historically low levels.
He argued that given the claimed revenue surpluses, the Tinubu administration should not have needed to borrow within its first two years in office, let alone at the scale currently being witnessed.
Economist and CEO of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the rising World Bank commitments to Nigeria should be examined within the context of the country’s Medium-Term Expenditure Framework and annual budgets, which already provide for both domestic and foreign borrowing.
He noted that deficit financing is a common feature of budgets worldwide and is not inherently wrong, as it allows governments to make critical investments without waiting to generate all the required revenue upfront.
However, he stressed that borrowing should always be backed by sound economic reasoning and clear development priorities. Yusuf emphasised that the key issue is debt sustainability, which depends primarily on the country’s revenue capacity to service its obligations.
Without strong cash flow to meet repayment schedules, he warned, Nigeria risks falling into a vicious cycle of borrowing to service existing loans, thereby perpetuating fiscal vulnerability. He said it is essential that projects funded by loans directly support the economy’s capacity to repay.
According to him, Nigeria should be cautious with foreign loans due to the exchange rate risks they pose, noting that domestic debt is generally easier to manage. Excessive foreign borrowing, he warned, could put pressure on the country’s reserves and further weaken the exchange rate. He stressed that a disciplined approach to debt sustainability will be crucial for Nigeria to avoid long-term fiscal distress.
Meanwhile, data from the Debt Management Office showed Nigeria’s external debt stood at $46.98bn as of June 30, 2025. Of this amount, the World Bank Group accounted for $19.39bn—comprising $18.04bn from the International Development Association and $1.35bn from the International Bank for Reconstruction and Development.
This means the World Bank holds 41.3 per cent of the total, reinforcing its outsized role in funding Nigeria’s development programmes.
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, recently called on the World Bank to support Nigeria’s Renewed Hope Ward Development Programme, a grassroots initiative he described as central to achieving President Bola Tinubu’s target of building a $1tn economy by 2030.
The minister praised the World Bank for its consistent backing of Nigeria’s reforms, describing the last 28 months of partnership as both challenging and transformative. “The World Bank team has collaborated with us not just as partners but as members of the same team. We could not have achieved the results we have today without your support,” he said.
Speaking with the minister in August 2025, the World Bank Country Director, Matthew Verghis, commended Nigeria for making bold decisions that could reset its development trajectory.
“Nigeria’s recent decisions represent a critical moment. Such choices are not easy, but they create opportunities for a new path,” Verghis said. “The World Bank stands ready to continue supporting Nigeria in maintaining these reforms and increasing their impact.”
Source: PUNCH
Founder of Living Faith Church Worldwide, Bishop David Oyedepo, has warned Nigerian youths against depending on sports betting as a pathway to wealth, saying lasting success can only be achieved through hard work, patience and integrity.
Speaking during a message to members of his congregation, the cleric described betting as a dangerous distraction capable of destroying the future of young people and preventing them from fulfilling their God-given potential.
Oyedepo urged youths to resist the growing temptation of seeking quick riches through gambling, stressing that genuine prosperity is built on diligence, discipline and purposeful living.
“Young people, 9jabet is not the way to financial fortune. Stop wasting your destiny,” he declared.
He emphasised that although the journey to success may sometimes appear slow, honest labour and consistency ultimately produce more enduring rewards than relying on luck or shortcuts.
“It may be slow, but it’s sure,” he added.
The bishop also reflected on his personal life, recalling how his mother’s unwavering faith influenced his decision to become a Christian at the age of 15.
He recounted how he later expressed his gratitude by buying her a car while she was living in the United States, describing the gift as one that brought her immense joy before her passing at the age of 92.
Using the experience to encourage young people, Oyedepo urged them to embrace faith, perseverance and gratitude instead of pursuing instant wealth through betting.
He concluded his message by urging Nigerian youths to rethink their priorities and make choices that would guarantee a brighter future.
“You better wake up,” he said.
Family members have launched a fundraising campaign to repatriate the remains of a Nigerian woman, Christiana Nwosu, who reportedly died of cardiac arrest while visiting the United Kingdom.
The information came on Monday from a GoFundMe appeal signed by Chijioke Metuka on behalf of the Nwosu family.
According to Metuka, Nwosu died on July 19, 2026, leaving her children and loved ones devastated by the sudden loss.
Metuka described the deceased as “a beacon of light, love and warmth” whose passing had created an irreplaceable void in the lives of those who knew her.
The family said its greatest wish was to honour her memory by returning her body to Nigeria for burial, where she would be laid to rest among her extended family and ancestral roots.
The appeal read, “During this time of immense grief, Izuchukwu and his family’s deepest wish is to honour her memory by laying her to rest in her homeland of Nigeria, surrounded by her extended family and roots.
“Repatriating a loved one from the UK to Nigeria comes with significant and unexpected financial burdens.”
However, the family noted that repatriating her remains from the UK would cost about £10,000, covering funeral director fees, specialist repatriation services and documentation, air freight charges, transportation, and funeral and burial expenses in Nigeria.
“We have set up this fund to support Izuchukwu and his family during this incredibly difficult time. Every single donation, no matter the size, will go directly towards covering these repatriation and funeral expenses to help ease the financial strain on the family,” the appeal read.
The organisers appealed to members of the public to support the family through donations or by sharing the fundraising campaign with others.
“If you are unable to donate, please consider sharing this page with others and keeping Izuchukwu and his family in your thoughts and prayers.
“Thank you from the bottom of our hearts for your kindness, generosity and support,” the statement added.
As of the time of filing this report, a sum of £7,941 had been raised out of the £10,000 target.
In February a Nigerian woman, Oluranti Akinyemi, died in the UK shortly after arriving in the country for her son’s graduation ceremony.
Her family had launched a fundraising campaign on JustGiving to raise £20,000 to repatriate her remains to Nigeria and cover related expenses.
By Okey Maduforo, Awka
One person has been confirmed dead while three others sustained injuries following the collapse of a three-storey building in Oko, Orumba North Local Government Area of Anambra State.
The building, which reportedly housed students of the Federal Polytechnic, Oko, collapsed on Sunday night, trapping some occupants beneath the rubble.
The injured survivors were rescued and taken to Chukwuemeka Odumegwu Ojukwu University Teaching Hospital and St. Michael’s Hospital, Oko, where they are currently receiving treatment.
Meanwhile, the Anambra State Government has sealed off the site of the collapsed building, reaffirming its commitment to stricter enforcement of physical planning regulations and the elimination of unsafe construction practices.
The Commissioner for Physical Planning and Urban Development, Barrister Chijioke Ojukwu, said preliminary findings indicated structural failure as the likely cause of the collapse.
He announced the immediate closure of the site pending comprehensive investigations and structural integrity assessments.
Ojukwu said the incident would mark a turning point in the enforcement of building regulations across the state, warning that owners and developers of defective or non-compliant structures would face sanctions.
He added that ongoing construction projects would also be subjected to stricter inspections.
The Commissioner for Works, Arc. Okey Ezeobi, said technical investigations were ongoing to determine the exact cause of the collapse, adding that a team of professionals had been deployed to conduct a comprehensive structural evaluation.
Ezeobi assured residents that recommendations arising from the investigation would be implemented to strengthen the state’s building control system, prevent future occurrences and ensure that anyone found culpable is prosecuted in accordance with the law.
The Commissioner for Health, Dr Afam Obidike, said medical personnel and ambulances were immediately deployed to the scene to provide emergency care for the injured.
He said the Ministry of Health worked closely with other emergency response agencies throughout the rescue operation.
Obidike commended the swift and coordinated response of the Anambra State Government and emergency agencies, describing it as crucial to the rescue efforts and the timely medical treatment of the victims.
The Mayor of Orumba North Local Government Area, Rtd. Capt. Casmir Nwafor, also praised the rapid intervention of the state government and emergency responders, noting that their coordinated efforts helped contain the situation and minimise further risks.
Nwafor urged developers, property owners, institutions and residents to strictly comply with approved building regulations and safety standards, reaffirming the local government’s support for the enforcement of physical planning laws.
An eyewitness, Prince Ifeanyi Ezefunamba, said the building, reportedly occupied by students of the Federal Polytechnic, Oko, collapsed at about 10:00 p.m. after occupants heard cracking sounds and began evacuating.
He said one survivor, Miss Chioma Akabike, narrowly escaped moments before the building collapsed, while rescue operations commenced immediately.
A traveller who arrived in Abuja aboard an Enugu Air flight has praised the airline for its service, describing the flight as smooth, calm and comfortable despite unfavourable weather conditions.
The traveller, Wordshot Amaechi Ugwele, in a viral social media post said Enugu Air had become a source of pride for the South-East and had significantly improved connectivity between Enugu and other parts of Nigeria.
Ugwele said the airline’s expansion to destinations including Benin and Kano had made air travel more accessible to residents of the region.
He said, “Today, our people can also fly directly from Enugu to Kano, a travel convenience that would have seemed unimaginable not too long ago, until Enugu Air made it a reality.”
Ugwele also commended Enugu State Governor, Peter Ndubuisi Mbah, for what he described as his vision, meticulous planning and disciplined execution in driving development across the state.
According to him, the governor’s achievements in infrastructure, connectivity and economic transformation had contributed to Enugu’s emergence as one of Nigeria’s fastest-growing states.
He said the establishment and expansion of Enugu Air demonstrated the administration’s commitment to improving transportation and connecting Enugu with other parts of the country and beyond.
Prophetess Ezinne Nwanorue, a Nigerian preacher based in Canada, has sparked controversy online after appearing to celebrate the death of her mother-in-law in a social media post that has drawn widespread criticism.
The cleric shared the funeral poster of the deceased, Comfort Nwanorue, on Facebook on Monday, accompanying it with remarks in which she accused her late mother-in-law of being responsible for some of the challenges she had faced in the past.
Ezinne claimed she had endured years of spiritual attacks and persecution, saying she believed God had exposed those she held responsible for her struggles.
She also issued stern warnings to individuals she described as agents of evil, urging them to repent.
Her comments triggered a wave of reactions on social media, with many users criticising her for publicly expressing what they perceived as joy over the death of a family member.
The incident has also renewed public interest in Ezinne’s marriage to Franklin Nwanorue, which previously made headlines over a controversial fidelity oath he took before relocating to Canada.
Before leaving Nigeria, Franklin reportedly recorded a video in which he pledged to remain faithful to his wife, declaring that he should die if he ever cheated on her after relocating abroad.
However, Ezinne later accused her husband of violating the oath, alleging in a separate Facebook post that he had become involved with another woman despite his public declaration.
As of the time of filing this report, Franklin Nwanorue and other members of his family had yet to publicly respond to Ezinne’s latest social media post.
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