The Federal Government is set to borrow an additional $1.5 billion from the World Bank as Nigeria’s total public debt climbs to N166.79 trillion.
The three new facilities — $500m each for climate resilience, early childhood development, and social protection — are before the National Assembly for approval.
The World Bank board is expected to consider the loans before end of 2026, with disbursement tied to reforms in fiscal transparency and social safety nets.
Reacting on Monday, former Vice President Atiku Abubakar accused President Bola Tinubu of running a government that demands endless sacrifices from Nigerians while continuously seeking fresh loans.
“President Tinubu must first account for the money already borrowed,” Atiku said in a statement, warning that debt servicing is crowding out health, education and infrastructure.
The Presidency has defended the borrowing, saying the funds are concessional, long-term, and targeted at pro-poor sectors to cushion the impact of subsidy removal and drive growth toward the $1 trillion economy target.
As of Q2 2026, debt servicing already gulps over 60% of federal revenue, according to Debt Management Office (DMO) data.
