Tinubu Seeks $1.5bn World Bank Loans as Debt Per Nigerian Hits N716,822

The Federal Government is seeking three World Bank loans worth a combined $1.5 billion for climate resilience, social protection and early childhood development. The fresh borrowing push comes as Nigeria’s total public debt rose to N166.79 trillion in June 2026 from N152.40 trillion a year earlier.

The estimated debt burden per Nigerian has reached N716,822, up from N383,442 in June 2023. That is an 87% rise in three years.

Three $500m facilities

World Bank documents show the proposed financing comprises three separate $500 million facilities. Punch reported that the first proposed loan is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL.

The World Bank is expected to consider the financing on October 29, 2026. The additional funding would increase ACReSAL’s total financing from $700 million to $1.2 billion. It would support landscape restoration, flood management, irrigation, drainage, water storage, reforestation and other climate-related projects.

The second proposed $500 million facility is for the Household Prosperity and Empowerment-Social Protection Project. The programme is expected to support cash transfers, modernise Nigeria’s social registry and strengthen social protection systems.

The third $500 million loan is for an Early Childhood Development programme covering all 36 states and the Federal Capital Territory. It would focus on health, nutrition, early learning, childcare, water and sanitation for children aged zero to five.

Debt stock climbs 9.44%

Debt Management Office data shows Nigeria’s total public debt increased from N152.40 trillion in June 2025 to N166.79 trillion in June 2026. The N14.39 trillion increase represents a 9.44% rise within one year.

As of June 2026, domestic debt stood at N91.59 trillion while external debt was N75.20 trillion. FGN domestic debt was N87.00 trillion. States and FCT domestic debt was N4.59 trillion. FGN external debt was N65.77 trillion, while states and FCT external debt was N9.42 trillion.

Domestic debt accounted for 54.91% of the total public debt. External debt represented 45.09%.

World Bank exposure and per capita burden

Nigeria’s World Bank debt stood at $20.73 billion as of June 2026. This comprised $19.12 billion owed to the International Development Association and $1.61 billion to the International Bank for Reconstruction and Development.

Leadership reported that at the end of June 2023, total public debt stood at N87.38 trillion, while the World Bank estimated Nigeria’s population at 227,882,945. This put estimated debt per person at N383,442. By June 2026, debt had climbed to N166.79 trillion, while the population estimate stood at 232,679,478. Dividing the debt stock by the estimated population gives N716,822 per person.

The National Bureau of Statistics also reported that Nigeria's total external debt stock climbed to $51 billion, or N74.43 trillion, in the fourth quarter of 2025. External debt accounted for 46.73% of total public debt during the period. Lagos State emerged as Nigeria’s most indebted subnational government in terms of external borrowing.

The new World Bank loans, if approved, will add to Nigeria’s multilateral obligations. The debt figures also highlight the pressure on public finances as the government balances borrowing against the cost of servicing existing loans.