President Bola Tinubu’s administration has secured $11.40bn in World Bank loan approvals in just three years, moving close to the total approved during former President Muhammadu Buhari’s eight years in office.
Data obtained from the World Bank and analysed by The PUNCH showed that Nigeria received approvals worth $11.40bn between June 2023 and June 2026. In comparison, the bank approved $14.59bn for the country during Buhari’s presidency from May 2015 to May 2023.
Tinubu Hits 78% of Buhari’s Eight-Year Total
Consequently, Tinubu has already secured about 78.2 per cent of the World Bank funding approved under Buhari. His administration now needs another $3.19bn in approvals to overtake the previous record.
Furthermore, the latest figures showed that Tinubu’s approvals have already exceeded the $5.56bn approved during Buhari’s first four years in office. Based on the World Bank database, the current administration has surpassed that figure by more than $5.8bn, representing an increase of about 105 per cent.
However, loan approvals have not translated into equal levels of disbursement. Of the $11.40bn approved under Tinubu, only $2.32bn had been released as of the latest update on the World Bank website. That leaves $8.41bn yet to be disbursed, giving a disbursement rate of about 20.3 per cent.
Buhari Projects Show Higher Disbursement
Meanwhile, projects approved under Buhari have recorded stronger implementation. Out of the $14.59bn approved during his administration, the World Bank had disbursed $11.94bn, while $1.53bn remained available.
The World Bank said its funding package supports the Federal Government’s economic reforms. These include exchange rate reforms, fiscal consolidation and measures to strengthen public finances.
Furthermore, the bank disclosed that the RESET programme has been fully disbursed. It also said the ARMOR programme has received $280.55m, while $469.45m remains available.
Reforms Continue to Draw Mixed Reactions
However, the World Bank-backed reforms have attracted widespread public attention. The funding came as the Federal Government removed the petrol subsidy and liberalised the foreign exchange market, two policies that pushed up inflation and increased the cost of living.
The World Bank has repeatedly argued that the reforms are necessary to restore macroeconomic stability and place Nigeria’s public finances on a stronger footing. In response, labour unions, civil society groups and opposition politicians have criticised the speed of the reforms and their impact on households.
Fresh $1.25bn Approved for Jobs, Investment
Meanwhile, the World Bank approved another major facility for Nigeria on June 29, 2026. The Nigeria Actions for Investment and Jobs Acceleration programme received two facilities worth $500m and $750m, bringing the total to $1.25bn.
The bank said the approval forms part of its new Country Partnership Framework for Nigeria covering 2026 to 2032. According to the lender, the framework will support private sector-led growth, create jobs, expand energy access, strengthen digital infrastructure and improve agricultural productivity.
Agriculture Gets More Support
Furthermore, agriculture remains a key focus of the World Bank’s support under Tinubu. In March 2026, the bank approved a $500m credit for the Nigeria Sustainable Agricultural Value-Chains for Growth project.
The World Bank said the project will improve agricultural productivity, strengthen value chains, expand market access for smallholder farmers and create jobs across participating states. However, the facility had not recorded any disbursement as of the latest update.
External Links
- World Bank Nigeria Projects and Operations: https://projects.worldbank.org/en/projects-operations/projects-list?countrycode_exact=NG
- World Bank Country Partnership Framework for Nigeria: https://www.worldbank.org/en/country/nigeria
- World Bank Data: https://data.worldbank.org/
