Tinubu secures World Bank loan, heralded by some as a lifeline for Nigeria’s battered economy—though for many citizens, it feels more like a fast ride toward financial ruin. Let’s dissect the numbers, the motives, the historical context, and the growing outcry.

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Why Tinubu Says He Needs the Loans

President Bola Tinubu’s administration has leaned heavily on World Bank loans, pitching them as critical tools for jumpstarting reforms, funding infrastructure, boosting education, and helping the poorest survive. Recent approvals include billions in concessional financing aimed at stabilizing the economy, spurring social safety nets, and reforming revenue systems.
es for residents.

Yet, for ever-evolving reforms, it’s taxpayers who will ultimately carry the weight—not in benefits but in ballooning interest and diminished lives.

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How Much Will Nigeria Owe Once These Loans Arrive?

As of March 2025, Nigeria’s total debt to the World Bank stood at $18.23 billion, up from $17.81 billion in late 2024—amounting to nearly 40% of its external debt.
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Adding the newly approved $1.08 billion World Bank loan announced this year pushes that estimate further north of $19 billion.
Reuters

To put it bluntly: the bill is growing faster than reforms or hope itself.

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Tinubu vs. Buhari: Who Borrowed More?

Borrowing is a familiar pattern in Nigerian governance, but the pace under Tinubu dwarfs prior administrations.

• Under Tinubu: Roughly $6.45 billion borrowed in 16 months.
  
• Under Buhari combined eight years: According to the Debt Management Office (DMO) data, Nigeria’s liabilities to the World Bank and African Development Bank combined rose from $7.14 billion in June 2015 to $14.35 billion by March 2021 — an increase of nearly $7.11 billion over six years, or a 98.5% jump. Roughly similar levels, but spread over far more time—raising red flags on unsustainable acceleration in the current regime.

In per-year terms, Tinubu is borrowing nearly 4 times the pace of his predecessors—a debt trajectory that will haunt future generations.

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Nigerians Are Furious: Borrowing Without Delivery

Across social media and news outlets, Nigerians are livid:

• Many decry that these loans are saddling a suffering population with long-term liabilities while funds remain largely undisbursed or mismanaged.
• Only 16% of the $4.95 billion approved loans have actually been disbursed so far—leaving $4.16 billion undelivered and stalled.
  

Quotes like “Our children will pay for this—while we have nothing to show for it” encapsulate the frustration of households already struggling to survive.

Some estimate that every Nigerian could eventually owe N800,000+ each, should borrowing continue unbridled.
The Guardian Nigeria

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Why Borrow More When Equipment Lies Idle?

Despite all these loans, public services remain underwhelming. Power grids still fail. Schools lack classrooms. Roads erode without repair. Critics argue the real crime isn’t borrowing—it’s borrowing without delivering results.

Meanwhile, government officials champion higher credit limits, even as real poverty grows. The narrative seems upside-down: a nation bankrupted by borrowing in the name of progress.

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Bottom Line

Tinubu’s borrowing binge—driven by lofty reformist slogans—has delivered only debt and disillusionment. Between incomplete disbursements, runaway obligations, and only marginal visible progress, Nigerians are left to wonder: Who this really serving—us or the next loan portfolio?