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
Dr. Samuel Ogbuku climbs another rung on the golden-floor ladder of life on August 19, 2026, marking 51 years of a life defined by purpose, resilience, and an unwavering commitment to the Niger Delta region.
Born in Ayakoro, Ogbia Local Government Area of Bayelsa State, his journey from the creeks and crowded neighbourhoods of the region to the helm of the Niger Delta Development Commission (NDDC) is more than a personal story. It is a living expression of what he has described as “Rewind to Rebirth”: the deliberate act of learning from the past to rebuild a stronger, more hopeful future.
Dr Ogbuku’s early years were shaped by the realities of the Niger Delta. He attended public schools in Port Harcourt before earning a Bachelor’s degree in Political and Administrative Studies from the University of Port Harcourt. Further studies led to a Master’s and a Ph.D. in Development Studies.
Alongside academic excellence, he cut his teeth as a student activist and later served as Public Relations Officer of the Ijaw Youth Council (Central Zone). Those formative experiences instilled in him a deep understanding of the region’s struggles and a firm belief that dialogue, education, and opportunity remain the most effective paths to lasting peace. His career has been a steady progression of service. He worked as a Personal Assistant in the Ministry of Petroleum, served as Chief of Staff in the Bayelsa State Government House, managed agricultural enterprises, and later acted as Senior Special Assistant on Niger Delta Affairs.
In 2023, President Bola Ahmed Tinubu appointed him Managing Director and Chief Executive Officer of the NDDC. He inherited an agency long criticised for inefficiency and uncompleted projects. Under his leadership, the Commission has shifted from what he terms a “transactional” approach to a “transformational” one.
The results are visible across the region. Thousands of kilometres of roads have been constructed or rehabilitated. Bridges and jetties have improved connectivity. Health centres have been built and equipped, while free healthcare outreaches have brought medical services to thousands.
The “Light Up the Niger Delta” initiative has extended electricity to communities long left in darkness. Scholarships have opened doors for young people, with many achieving distinction both at home and abroad. These interventions reflect a consistent philosophy: development must be felt by ordinary people in their daily lives.
At the heart of this work lies the “Rewind to Rebirth” agenda, articulated in his writings, including Rethinking the Niger Delta. It is a call to examine past mistakes honestly, discard what has not worked, and rebuild institutions, infrastructure, and trust with clearer purpose.
For Dr. Ogbuku, turning 51 is not merely a personal milestone. It is another opportunity to reaffirm that the Niger Delta’s future can be brighter than its past if leadership remains focused on results, accountability, and the people.As communities, colleagues, and well-wishers celebrate this birthday, the most fitting tribute is continued support for the unfinished work of regional transformation. Dr. Samuel Ogbuku’s 51 years remind us that purpose, when rooted in service, has the power to rewrite the story of an entire region one project, one community, and one generation at a time.
Happy Birthday, Dr. Samuel Ogbuku.
The Mission Continues!!!
Jim George Willy Ibimina
Writes from Niger Delta.
News
Transformative Path Born in Ayakoro, Built for Impact: The Leadership Legacy of Dr. Samuel Ogbuku
In the quiet riverine community of Ayakoro in Ogbia Local Government Area of Bayelsa State, a dynamic leader was born on August 19, 1975, who would one day help reshape the fortunes of the entire Niger Delta. That Leader is Dr. Samuel Ogbuku. Today, as Managing Director and Chief Executive Officer of the Niger Delta Development Commission (NDDC) and Paramount Ruler of Ayakoro Kingdom (Daufa VI), his journey from the creeks of Bayelsa to the centre of regional development stands as one of the most compelling stories of service and impact in contemporary Nigeria.
Roots in Ayakoro
Dr. Ogbuku’s early years were shaped by the realities of the Niger Delta region: its beauty, its struggles, and its unfulfilled promises. Though he spent much of his childhood in Port Harcourt, regular visits home to Ayakoro left a lasting impression. The underdevelopment he witnessed in his ancestral community planted a quiet determination: if opportunity ever came, he would use it to change the lives of his people.
He began his formal education at Christ the King School, Oromenike, Port Harcourt, obtaining his First School Leaving Certificate in 1987. He proceeded to Government Secondary School, Borokiri, before gaining admission into the University of Port Harcourt. There he earned a Bachelor of Science degree in Political and Administrative Studies in 2000. He later obtained a Postgraduate Diploma in Sociology, Industrial Relations and Personnel Management, a Master’s degree, and finally a Doctor of Philosophy in Political and Administrative Studies and Development Studies in 2021. Education, for him, was never merely personal advancement; it was preparation for service.
From Activism to Administration
As a young man, Ogbuku was deeply involved in the Niger Delta struggle. He served as Public Relations Officer of the Ijaw Youth Council (Central Zone) and cut his teeth in student activism. Those early years taught him the language of agitation, but also the limits of confrontation. He gradually moved into structured public service.
Between 2005 and 2007 he worked as Personal Assistant to the Special Assistant to the Minister of State for Petroleum. From 2007 to 2012 he served as Chief of Staff at the Bayelsa State Government House, at the time one of the youngest people to hold that position in Nigeria. He later managed Fulfilled Farms Nigeria Limited, deepening his interest in agriculture and aquaculture, before serving as Senior Special Assistant on Niger Delta Affairs to the Deputy President of the Senate. These roles gave him practical experience in governance, crisis management, personnel administration, and the complex politics of the oil-producing region.
He had the rare privilege of being appointed twice as MD/CEO of the NDDC by two Nigerian Presidents; first by President Muhammadu Buhari in November 2022, and again by President Bola Ahmed Tinubu in August 2023 for a fresh four-year tenure.
Ogbuku arrived at the NDDC with both institutional knowledge and lived experience of the challenges he was expected to solve.
Transforming the NDDC
The NDDC Ogbuku inherited carried a heavy burden of unfinished projects, public scepticism, and institutional turbulence. He responded with a clear philosophy: move the Commission from “transaction to transformation.” The focus shifted decisively toward completing legacy projects, improving transparency, and delivering visible results.
Under his leadership, the Commission has made measurable progress in infrastructure. Thousands of kilometres of roads have been constructed or rehabilitated, dozens of bridges and jetties completed, and major connecting projects such as the Ogbia-Nembe Road, the Ibeno Bridge, and the Kaa-Ataba Bridge advanced or delivered. Electrification initiatives, including the “Lighting Up the Niger Delta” programme, have brought power to communities that had lived for years in darkness.
In healthcare, the NDDC constructed and equipped numerous health centres and revived free medical outreach programmes that have provided tens of thousands of patients with care, including thousands of surgeries. Education and youth empowerment received renewed attention through expanded scholarship schemes, school rehabilitation, and skills programmes designed to give young people alternatives to restiveness.
King Ogbuku has also emphasised institutional reform, working with professional partners to strengthen governance systems and prioritise accountability. His administration secured significant budgetary support and focused resources on completing abandoned projects rather than endlessly initiating new ones.
Returning Home as Traditional Ruler
In June 2026, Dr. Ogbuku was installed as Paramount Ruler of Ayakoro Kingdom with the title Daufa VI, succeeding the late monarch after serving as Deputy Paramount Ruler. The dual role technocrat by day and traditional father by night reflects the depth of his connection to his roots. He has pledged to lead with humility, promote peace and unity, and work with stakeholders for the sustained progress of Ayakoro and the wider region.
A Living Legacy
Dr. Samuel Ogbuku’s story is still being written. At just over fifty, he continues to occupy one of the most demanding development positions in Nigeria while simultaneously carrying traditional responsibilities in his hometown. What distinguishes his trajectory is consistency of purpose: a young man from Ayakoro who never lost sight of the community that raised him, and who has used every platform activism, government, private enterprise, and now the NDDC to push for tangible change.
Conclusion
Dr. Samuel Ogbuku’s journey from Ayakoro to the leadership of the NDDC shows that true impact begins with a deep love for one’s people. Through hard work, focus, and a clear vision, he continues to turn challenges into progress for the Niger Delta. His legacy is still growing, but the difference he is making is already being felt in communities across the region.
From the mangrove creeks of Bayelsa to the boardrooms of regional development, his path illustrates a simple but powerful idea: impact is possible when knowledge, experience, and genuine attachment to place are combined with the courage to confront difficult institutions. In the Niger Delta, that combination is already producing results that communities can see and feel.
Martins Ibigomie Ogolo
Public Affairs Analyst
martins.ogolo@yahoo.com
The member representing Enugu North and South Federal Constituency, Hon. Chimaobi Sam Atu, has flagged-off the completion of the 1.3-kilometre Ndafufa-Ugwuaji–Obeagu Link Road to further open up Enugu metropolis.
The project is part of a phased intervention aimed at improving road connectivity and opening up communities within the constituency.
The first phase covered the Ayo Open Space–Ndafufa Ugwuaji, while this second phase will cover Ndafufa Ugwuaji – Obeagu link road. The third phase is expected to extend to the Obeagu–Obinagu–Obeagu Amechi link road.
Speaking at the flag-off ceremony on Tuesday, Hon. Atu emphasised the critical role of road infrastructure in driving economic growth, enhancing connectivity and improving the quality of life of residents.
He explained that the third phase of the project would capture adjoining communities, including Obinagu and Amechi, further expanding the network of accessible roads across the area.
According to him, it is another milestone in the drive towards infrastructure development in Enugu North and South Federal Constituency.
Responding, the President-General of the Obeagu Ugwuaji Town Union, Chief Freedom Obi, expressed the community’s excitement over the project, describing the intervention as significant to the development of the area.
Obi also commended Atu for the quality of work executed during the first phase.
Speaking on the technical specifications and timeline of the project, Engr. Ikechukwu Okorie of Ideas Construction Limited, assured that the earthworks and double-drainage system would be completed before November 2026.
Okorie, who is the engineer in-charge of the project, said: “The road is designed with a standard width of 7.5 metres (in-to-in).
“It will have a dual-drainage system to facilitate effective water flow, protect the road and enhance its durability.”
The completion of the project is expected to strengthen connectivity between Ugwuaji, Obeagu and neighbouring communities, while facilitating the movement of people, goods and services and stimulating economic activities within the area.
By Chinedu Sabastine
ENUGU — The Association of Senior Civil Servants of Nigeria, ASCSN, has called for a shift from confrontational labour relations to strategic collaboration between organised labour and government.
The National President of the association, Comrade Shehu Mohammed, made the call at the South East Zonal Workshop of ASCSN in Enugu, where public sector stakeholders, union executives and government representatives examined emerging challenges in industrial relations and public service efficiency.
Mohammed said the workshop marked a turning point in the history of labour relations in Nigeria, stressing that modern public administration required dialogue, data-driven advocacy, collective bargaining and mutual respect.
According to him, “true progress for the Nigerian worker is no longer achieved solely on the streets through friction, but at the round table through data-driven advocacy, mutual respect, collective bargaining and strategic alignment.”
He identified three key pillars for effective labour-government collaboration: supporting a robust public service capable of funding workers’ welfare, engaging government early before disputes escalate, and equipping workers with modern administrative and negotiation skills.
The ASCSN president urged participants to approach management disputes with institutional solutions rather than immediate ultimatums, saying negotiation should produce outcomes that benefit both government and civil servants.
He commended Governor Peter Mbah for what he described as transformational leadership in Enugu State, particularly his efforts to transition the state from a public-sector-driven economy to a private-sector-driven one.
Also speaking, the Enugu State Head of Service, Dr. Godwin Chinonso Anigbo, said the civil service remained the bedrock of governance, given its critical role in policy formulation and implementation.
Anigbo said changing times required both labour and government to abandon win-lose approaches and embrace solutions that would serve the interests of all parties.
He urged organised labour to move beyond reliance on strike ultimatums, while advising government to avoid what he described as “judicial ambushes” in industrial courts as a means of frustrating legitimate union demands.
The Head of Service disclosed that the Enugu State Government had established a Public Service Training Institute to promote policy research and build institutional capacity.
He also challenged civil servants to take ownership of government policies and their implementation, warning against the traditional mindset that “Soldier go, soldier come, barrack remains.”
According to him, “if governance fails, both the policymakers and implementers have failed.”
In a goodwill message, Mrs. Ndidiamaka Oke, who represented the Controller of the Federal Ministry of Labour and Employment in Enugu State, said collaboration remained the most effective approach to resolving contemporary challenges in the public service.
She said, “Collaboration does not mean abandoning your legitimate rights. Collaboration rather means giving workers opportunity for constructive dialogue.”
Oke stressed that constructive dialogue would enable labour and government to resolve disputes while strengthening industrial harmony and improving public service delivery.
She commended ASCSN for providing an intellectual platform for stakeholders to exchange ideas, experiences and practical solutions, expressing confidence that the workshop’s outcome would deepen cooperation between government, management and organised labour.
Wike stated this while speaking during an inspection tour of flood-affected areas in the Federal Capital Territory on Monday.
Wike said the fragmented nature of the opposition would make it difficult for the parties to mount a strong challenge against Tinubu in 2027.
He declared, “This election, the 2027 election, will be the easiest election for Mr President. 2023 was a tough election for him.”
The former Rivers State governor further argued that the opposition had been weakened by defections and political movements ahead of the next election.
He said, “This election, where the opposition has been crippled, you know what it means? Depleted; they finished them.”
Wike said a credible opposition needed to spend years building a strong political structure instead of moving from one party to another in search of an electoral platform.
He said, “For you to be opposition to remove a government, it must be what you call a strong, vibrant opposition that has stayed for over four years planning, not opposition that is looking for a party to run to.”
He added, “Today, they’re going to Party A. So, you see, that kind of opposition can never win.”
Wike was emphatic about Tinubu’s chances in 2027, saying, “If it is this 2027 election against Bola Ahmed Tinubu, no, forget it. It’s over.”
The minister dismissed criticism from opposition politicians and commentators, saying their media appearances would not erase what he described as the achievements of the Tinubu administration over the past three years.
Wike said, “I don’t want to reply to political commentaries. I don’t want to reply to people who think that appearing before media houses will give them an edge to win an election that they have lost. No.”
He maintained that the administration’s achievements could not be diminished by political criticism.
He said, “Nobody can diminish what this administration has done in the past three years. Nobody can diminish it. This administration has done very well as far as the Federal Capital Territory is concerned.”
He added, “That does not mean I claim that we have solved all problems, no. Are we solving problems? Yes. Have we solved major problems? Yes. Will we continue to solve problems? Yes.”
The minister also spoke on the government’s response to flooding and illegal structures in the FCT.
He warned officials of the FCT Development Control Department against delaying enforcement operations with bureaucratic excuses, saying the administration had the political will to act against structures obstructing waterways.
Wike said, “And let nobody make a mistake that this government lacks the political will to do anything. The person must be making a very big mistake. If there is one minister that has that political will, I have. I have the political will.”
He directed that houses found on waterways should be demolished, regardless of the status of their owners.
He said, “I’m going to bring those houses down! Any house that’s found on the water channel will go down!”
Wike said the enforcement would not be suspended because of the approaching election.
He added, “Whether there is an election, oh, there’s no election, oh, all those houses will go down. Heaven will not fall; rather, heaven will be at peace that the right thing has been done.”
The minister also condemned the conversion of designated green areas in Abuja into commercial parks and other developments.
He said some individuals had attempted to justify such developments by relying on historical claims about land allocations.
Wike said, “Because something that was done wrongly will not be corrected? No, we will not allow that. We won’t.”
He assured residents that desilting and other infrastructure interventions would continue in flood-prone areas, including Lokogoma and the Yakubu Gowon Crescent axis in Asokoro.
He also urged residents to support efforts to address flooding by properly disposing of waste and avoiding activities that could obstruct drainage channels.
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