President Bola Tinubu’s administration has secured $11.40 billion in loan approvals from the World Bank in just about three years, putting it on course to surpass the total amount approved under former President Muhammadu Buhari’s eight-year administration, an analysis of data obtained by The PUNCH from the World Bank has shown, ABNTV reports.
The analysis showed that the World Bank approved loans worth $11.40bn for Nigeria between June 2023 and June 2026, compared with $14.59bn approved during Buhari’s presidency from May 2015 to May 2023.
The latest figure means Tinubu’s administration has already secured about 78.2 per cent of the total World Bank financing approved during Buhari’s two terms in office and requires another $3.19bn in approvals to exceed that record.
The data further showed that World Bank loans approved under Tinubu have already surpassed those listed under Buhari’s first term by more than $5.8bn. According to the World Bank data, projects approved under Buhari’s first term amounted to about $5.56 billion.
Using the figures contained in the World Bank database, Tinubu’s current approvals exceed the Buhari first-term total by about 105 percent.
However, of the $11.4bn approved under Tinubu, only $2.32bn had been disbursed as of the latest update on the World Bank website, leaving $8.41bn available for disbursement. This represents a disbursement rate of about 20.3 per cent.
By comparison, projects approved during Buhari’s administration have recorded much higher implementation levels. Out of the $14.59bn approved during his presidency, $11.94bn had been disbursed, while $1.53bn remained available.
The figures translate to a disbursement rate of about 81.8 percent, reflecting the fact that many of the projects have either been completed, are in repayment, or are approaching completion.
The World Bank portfolio under Tinubu has been concentrated largely in economic reforms, education, healthcare, agriculture, energy, digital infrastructure, financial inclusion, and social protection.
The single largest approval came in June 2024, when the World Bank approved a $2.25bn financing package comprising the $1.5bn Nigeria Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing and the $750m Nigeria Accelerating Resource Mobilisation Reforms Programme-for-Results.
According to the World Bank, the financing was designed to support Nigeria’s economic reform program, strengthen macroeconomic stability, improve domestic revenue mobilization, and protect poor and vulnerable households during the implementation of reforms.
The World Bank said the package was intended to support the federal government’s ongoing reforms, including exchange rate reforms, fiscal consolidation, and measures aimed at strengthening public finances.
The World Bank data showed that the RESET program has been fully disbursed, while the ARMOR program had recorded disbursements of $280.55m, leaving $469.45m available.
The reform package attracted public attention because it coincided with the implementation of major economic reforms, including the removal of the petrol subsidy and the liberalization of the foreign exchange market, both of which contributed to sharp increases in inflation and the cost of living.
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The World Bank has consistently maintained that the reforms are necessary to restore macroeconomic stability and place public finances on a more sustainable path, although several labor unions, civil society groups, and opposition politicians have criticized the pace of the reforms and their impact on households.
Another major addition to Tinubu’s World Bank portfolio came on June 29, 2026, when the bank approved the Nigeria Actions for Investment and Jobs Acceleration program. The program consists of two facilities worth $500m and $750m, respectively, bringing total financing under the initiative to $1.25bn.
Announcing the approval, the World Bank said the financing formed part of its new Country Partnership Framework for Nigeria covering 2026 to 2032. According to the bank, the framework aims to support private sector-led growth, improve job creation, expand energy access, strengthen digital infrastructure, and improve agricultural productivity.
Agriculture also accounts for a significant share of the approvals under Tinubu. In March 2026, the World Bank approved a $500m credit for the Nigeria Sustainable Agricultural Value Chains for Growth project.
The bank said the project is expected to improve agricultural productivity, strengthen value chains, increase market access for smallholder farmers, and create employment opportunities across participating states. The facility had yet to record any disbursement, according to the World Bank data.
In December 2024, the bank also approved three separate credits worth $357m, $57m, and $86m for the Rural Access and Agricultural Marketing Project Scale-Up, bringing total financing under the program to $500m. The facilities were still awaiting disbursement.
The power sector has also remained one of the largest recipients of World Bank financing under Tinubu. In June 2023, shortly after the inauguration of the administration, the World Bank approved $750m for the Power Sector Recovery Performance-Based Operation through separate facilities of $301m and $449m.
The World Bank data showed that the facilities had disbursed $28.10m and $41.24m, respectively. In December 2023, the bank approved another $750 million for the Nigeria Distributed Access through Renewable Energy Scale-up Project. The project comprises three facilities worth $350m, $250m, and $150m.
The World Bank said the program is expected to provide new or improved electricity access to about 17.5 million Nigerians through distributed renewable energy solutions. The data showed that only the $350m facility had recorded disbursement, amounting to $97.71m, while the remaining two facilities had yet to record any drawdown.
In September 2024, the World Bank approved another $500 million for the Sustainable Power and Irrigation for Nigeria Project. According to the World Bank, the project is designed to improve dam safety, strengthen irrigation infrastructure, and increase hydropower generation in selected locations across the country.
The World Bank data showed that $33m had been disbursed under the project, leaving $467m available. Nigeria’s power sector has remained one of the most heavily financed sectors by the World Bank over the past decade. However, implementation challenges have also persisted.
The PUNCH earlier reported that the Federal Government and the World Bank agreed to cancel about $717m in undisbursed financing under the Power Sector Recovery Operation following changes in implementation arrangements and unmet program conditions, including reforms linked to electricity tariffs and sector financing.
Education and healthcare also account for a substantial portion of Tinubu’s World Bank borrowing. In September 2023, the World Bank approved the $700m Adolescent Girls Initiative for Learning and Empowerment project. The project had recorded a disbursement of $148.35m, while $558.22m remained available.
The Nigeria for Women Programme Scale-Up Project, approved in June 2023, received $500 m. The World Bank data showed that $109.62m had been disbursed, while $393.67m remained available.
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