The World Bank has restricted comments on its Instagram page following a wave of reactions from Nigerians opposing plans by the Federal Government to secure a fresh $1.25 billion loan facility under President Bola Tinubu.
The backlash comes over the fact that the Federal Government is in advanced discussions with the World Bank on a proposed facility to support economic reforms, electricity expansion, digital infrastructure, agriculture and job-creation initiatives.
The proposed loan, titled Nigeria Actions for Investment and Jobs Acceleration, is expected to be presented for approval on June 26, 2026, about six months and 21 days before the January 16, 2027, presidential election, according to the revised timetable of the Independent National Electoral Commission.
If approved, the loan will rank as the second-largest single World Bank facility secured under President Bola Tinubu, behind only the $1.5 billion Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing approved in June 2024.
At an exchange rate of ₦1,361.4 to the dollar, the proposed $1.25 billion facility translates to about ₦1.70 trillion, showing the scale of external financing being pursued by the Federal Government amid ongoing economic reforms.
Several Nigerians had flooded the World Bank’s social media platforms with messages urging the institution to halt further lending to Nigeria, citing concerns over the country’s rising debt profile and worsening economic hardship.
The World Bank’s Instagram page recorded a surge in engagement following online discussions surrounding the proposed loan request.
It appears that the organisation restricted its comment section to limit the influx of reactions linked to Nigeria’s planned borrowing.
The fresh borrowing move comes amid growing scrutiny of Nigeria’s rising reliance on multilateral financing under Tinubu.
Findings showed that the World Bank has approved about $9.35 billion in loans and credits for Nigeria between June 2023 and May 2026.
These approvals span multiple sectors, including power, education, healthcare, agriculture, social protection, renewable energy, MSME financing, and economic reform support.
Key packages include the $2.25 billion RESET and ARMOR reform financing in June 2024, $1.57 billion for HOPE and SPIN programmes in September 2024, and $1.08 billion for education and resilience programmes in March 2025.
If the proposed $1.25 billion facility is approved next month, total World Bank approvals under Tinubu would rise to about $10.6 billion, reinforcing the bank’s role as a major external financier for Nigeria’s reform agenda.
However, many of the approved loans are not immediately disbursed, as fund releases are tied to the fulfilment of specific policy and reform conditions, often resulting in delays.
The PUNCH