By George Omagbemi
President Bola Ahmed Tinubu’s administration is seeking fresh World Bank financing totalling $1.5 billion, even as Nigeria’s public debt climbs to a record ₦166.79 trillion.
Documents from the World Bank show that the proposed borrowing comprises three separate $500 million facilities targeting climate resilience, social protection and early childhood development.
The latest proposal comes as the Debt Management Office (DMO) reports that Nigeria’s debt increased by ₦7.44 trillion between March and June 2026, rising from ₦159.35 trillion to ₦166.79 trillion.
The figures are likely to renew questions over Nigeria’s growing reliance on borrowing and, importantly, what Nigerians can actually see on the ground from previous loans already secured.
The Federal Government has previously defended World Bank-backed financing as necessary for economic reforms, infrastructure, social protection, education and human-capital development. In July, the government unveiled World Bank-supported programmes including $1.25 billion for NG-CARES, $300 million for SOLID and $1.5 billion for HOPE.
But as fresh facilities are pursued, questions over loan visibility, project delivery, transparency and accountability are becoming increasingly important.
With public debt now at ₦166.79 trillion, Nigerians will want clearer answers: How much has been borrowed, where has the money gone, what projects have been completed, and what measurable benefits have previous loans delivered?
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