\n Current projections show that the country\u2019s debt to the World Bank is on track to hit $9.65 billion before the year runs out.\n <\/p>\n
\n Drawing figures from the lender\u2019s website, The Punch reports that the debts cover International Bank for Reconstruction and Development (IBRD) and International Development Association loans (IDA).\n <\/p>\n
\n While the International Development Association offers thoroughly concessional loans and grants to the world’s poorest countries, the International Bank for Reconstruction and Development offers credits on commercial or near-commercial terms to middle-income and financially sound low-income countries.\n <\/p>\n
\n Loan procurements under Nigeria’s current president, Bola Tinubu, began shortly after his inauguration in 2023, with $2.7 billion in loans for four key projects.\n <\/p>\n
\n In the same year, financing was focused on power sector recovery, renewable energy access, girls’ education, and women’s economic development.\n <\/p>\n
\n The Nigeria<\/strong><\/a> Distributed Access through Renewable Energy Scale-up project secured $750 million in IDA assistance to strengthen private sector-led clean energy access.\n <\/p>\n \n Another $700 million IDA credit was recently allocated to girls’ secondary education in participating states.\n <\/p>\n \n The Nigeria for Women Programme Scale Up received $500 million in IDA funding to support women’s economic empowerment.\n <\/p>\n \n Currently, the country is looking to borrow an additional $500m from the World Bank on December 19.\n <\/p>\n \n These and many other loan programs have driven the country\u2019s debt to the World Bank<\/strong><\/a> close to $10 billion.\n <\/p>\n \n The current year’s loan pipeline is roughly comparable with the $2.7 billion obtained in 2023; however, it represents a fall of roughly 36.6% when compared to 2024.\n <\/p>\n \n IDA loans total nearly $7.30 billion over the course of the three years, while IBRD loans provide about $2.35 billion.\n <\/p>\n \n Grants increase by an additional $122.19 million, from $0 in 2023 to $70.01 million in 2024, then to $52.18 million in 2025.\n <\/p>\n