FG SEEKS FRESH $1.25BN WORLD BANK LOAN AHEAD OF 2027 ELECTION

The Federal Government is seeking a fresh $1.25bn loan from the World Bank to support economic reforms, job creation, and investment growth.

The proposed facility, titled Nigeria Actions for Investment and Jobs Acceleration, is expected to be presented for approval on June 26, 2026, months before the 2027 presidential election.

If approved, the loan, estimated at about ₦1.7tn, would become one of the largest World Bank facilities secured under President Bola Tinubu’s administration and could push Nigeria’s total public debt above ₦160tn.

According to the World Bank document, the facility is designed “to support the government’s efforts to expand access to finance, digital, and electricity services, and strengthen competitiveness through tax, trade, and agriculture reforms.”

The report stated that the loan has reached the “decision meeting stage” of the World Bank approval process, indicating that negotiations and major conditions have largely been concluded ahead of final board approval.

“The review did authorise the team to appraise and negotiate,” the document added.

Findings showed that the World Bank has approved about $9.35bn in loans and credits for Nigeria between June 2023 and May 2026 across sectors including power, education, healthcare, agriculture, and economic reforms.

If the latest facility is approved, total World Bank approvals under Tinubu could rise to about $10.6bn.

Reacting earlier, the Accountant-General of the Federation, Dr Shamseldeen Ogunjimi, warned that Nigeria could reject World Bank facilities if approval delays persist.

“If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” he said.

The World Bank, however, warned that the programme carries significant risks ahead of the 2027 elections, stating that “political and governance risks are elevated ahead of the 2027 elections, with pressures that could delay or reverse sensitive reforms.”

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