Nigeria’s Debt To World Bank Under President Tinubu Nears $10 Billion

Nigeria‘s debt to the World Bank, under President Tinubu, has witnessed its debt stock rise significantly under the present administration.

BrandNewsDay understands that Nigeria’s debt to foreign lenders has substantially increased under its current administration. Debt to the World Bank is projected to reach $9.65 billion by year-end, with notable contributions from IDA and IBRD loans.

Nigeria has become Africa’s largest International Development Association borrower, holding a $18.5 billion stock in IDA loans.

Total external debt for the country was reported at $46.98 billion as of mid-2025.

Current projections show that the country’s debt to the World Bank is on track to hit $9.65 billion before the year runs out.

Drawing figures from the lender’s website, The Punch reports that the debts cover International Bank for Reconstruction and Development (IBRD) and International Development Association loans (IDA).

While the International Development Association offers thoroughly concessional loans and grants to the world’s poorest countries, the International Bank for Reconstruction and Development offers credits on commercial or near-commercial terms to middle-income and financially sound low-income countries.

Loan procurements under Nigeria’s current president, Bola Tinubu, began shortly after his inauguration in 2023, with $2.7 billion in loans for four key projects.

In the same year, financing was focused on power sector recovery, renewable energy access, girls’ education, and women’s economic development.

The Nigeria Distributed Access through Renewable Energy Scale-up project secured $750 million in IDA assistance to strengthen private sector-led clean energy access.

Another $700 million IDA credit was recently allocated to girls’ secondary education in participating states.

The Nigeria for Women Programme Scale Up received $500 million in IDA funding to support women’s economic empowerment.

Currently, the country is looking to borrow an additional $500m from the World Bank on December 19.

These and many other loan programs have driven the country’s debt to the World Bank close to $10 billion.

The current year’s loan pipeline is roughly comparable with the $2.7 billion obtained in 2023; however, it represents a fall of roughly 36.6% when compared to 2024.

IDA loans total nearly $7.30 billion over the course of the three years, while IBRD loans provide about $2.35 billion.

Grants increase by an additional $122.19 million, from $0 in 2023 to $70.01 million in 2024, then to $52.18 million in 2025.

As per the Punch, Nigeria is currently Africa’s largest IDA borrower, and the third-biggest in the world, as the West African country’s stock of World Bank International Development Association loans has climbed to $18.5 billion.

Nigeria’s exposure surged by $1.4 billion, or 8.2%, from $17.1 billion in September 2024 to $18.5 billion in September 2025.

Nigeria’s total external debt was reported to be at $46.98 billion as of June 30, 2025.