The Federal Government is pursuing a new loan of $1.25 billion from the World Bank to facilitate economic reforms, create jobs, and foster investment.
Named the Nigeria Actions for Investment and Jobs Acceleration, this funding proposal is set to be considered for approval on June 26, 2026, just months before the 2027 presidential election.
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If granted, this loan, approximately ₦1.7 trillion, would rank among the largest World Bank loans secured under President Bola Tinubu’s leadership and could elevate Nigeria’s total public debt to over ₦160 trillion.
The World Bank’s documentation indicates that the facility aims to enhance access to financial, digital, and electricity services while improving competitiveness through reforms in taxation, trade, and agriculture.
Currently, the loan proposal has reached the “decision meeting stage” in the World Bank’s approval process, suggesting that major negotiations have largely been finalized prior to the final approval by the board.
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“The review authorized the team to appraise and negotiate,” the document stated.
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Between June 2023 and May 2026, the World Bank has allotted around $9.35 billion in loans and credits to Nigeria across various sectors including power, education, healthcare, agriculture, and economic reforms. Should this new facility be approved, total World Bank funding under Tinubu’s administration could increase to approximately $10.6 billion.
In previous remarks, the Accountant-General of the Federation, Dr. Shamseldeen Ogunjimi, expressed concerns that delays in approvals could lead Nigeria to reject World Bank assistance. “If approvals take longer than six months, the Nigerian Government may no longer honor such arrangements,” he warned.
The World Bank has cautioned that there are significant risks associated with this program in light of the upcoming 2027 elections, noting that “political and governance risks are heightened ahead of the elections, with pressures that could hinder or reverse crucial reforms.”
