A recent report by New Telegraph has shed light on Nigeria’s acquisition of $1.95 billion in loans from the World Bank during the first four months of President Bola Tinubu’s administration.
According to data released by the Debt Management Office (DMO), Nigeria’s total public debt surged to N87.37 trillion by the end of June 2023, representing a staggering 103.93% year-over-year increase from N42.84 trillion in June 2022.
The DMO report highlights that since assuming office on May 29, 2023, President Tinubu’s administration has secured three loans from the World Bank, amounting to $1.95 billion.
These loans have been allocated to key sectors such as education ($700 million), power ($750 million), and women empowerment ($500 million).
Regarding the power project loan, it was revealed that on June 19, 2023, the federal government successfully obtained a $750 million loan from the World Bank to support power initiatives nationwide.
The loan, identified as project ID P174622, was sanctioned on June 9, 2023, marking it as the first World Bank loan approved under President Tinubu’s administration.
The World Bank has stated that this fresh financing will serve as additional support for the power sector recovery performance-based operation, and will be in effect from 2023 until June 30, 2027.
On June 27, 2023, the World Bank Group announced the endorsement of a $500 million loan specifically aimed at empowering women through various programs.
The most recent loan, approved in September 2023, amounts to $700 million and is dedicated to enhancing educational opportunities and empowerment for adolescent girls in Nigeria.