Since President Bola Tinubu took office in May 2023, his administration has actively sought and secured substantial loans, primarily from the World Bank and the African Development Bank (AfDB).
There have also been notable domestic borrowings and requests for future loans.
Confirmed loans
From the World Bank and its affiliates, president Tinubu administration has secured multiple loans from the World Bank, totaling billions of dollars for various projects.
Approved Projects Include:
- $2.25 billion for economic stabilization and resource mobilization.
- $750 million for power sector reforms.
- $750 million for renewable energy development.
- $700 million for girls’ education.
- $500 million for women’s empowerment.
- $800 million for the National Social Safety Net Program.
- $1.57 billion approved in September 2024 for health, education, and power.
- $632 million approved in March 2025 for nutrition and education.
- $1.1 billion was secured to provide electricity to 5 million people by 2026.
- $500 million was approved in July 2024 to support the Economic Governance and Energy Transition Program.
Domestic Loans
- N2.17 trillion ($2.8 billion) was secured via a supplementary budget in November 2023 to fund urgent needs like national defense, palliative care, and wage awards.
- N5.84 trillion was borrowed from the FGN bond market in 2024 to help fund the budget deficit.
- N7.3 trillion in “Ways and Means” advances from the Central Bank of Nigeria was securitized in December 2023.
Requested And Approved Future Loans
- In May 2025, the Senate approved an external borrowing plan of over $21 billion for the 2025–2026 fiscal cycle. The package includes external loans, grants, and domestic borrowing.
- In November 2024, the Senate approved a $2.2 billion external loan requested by President Tinubu to help fund the deficit in the 2024 budget.
Debt Repayment
IMF loan:
Nigeria successfully repaid a $3.4 billion COVID-19 emergency loan from the International Monetary Fund (IMF) by April 2025. However, the country will continue to pay interest charges on the loan until 2029.