The Federal government has received only 16% of the total loan approved by the World Bank under the administration of President Bola Tinubu.
An analysis of disbursement data from the website of the World Bank shows that as of July 31, 2024, only $774.99 million had been disbursed.
The loans were approved for various projects aimed at economic stabilization, infrastructure development, and social welfare.
In total, these loans amount to $4.95 billion, with a substantial $4.16 billion still awaiting disbursement.
The World Bank data analysis shows that the first project approved under Tinubu’s administration, the Power Sector Recovery Performance-Based Operation, secured on June 9, 2023, has only received $1.12 million of its $750 million allocation.
It is important to note that a number of these loans are conditional, requiring specific criteria to be met before additional funds can be disbursed. These conditions are designed to ensure that the funds are used effectively and that the projects are on track to achieve their intended outcomes.
Note that Data from the external debt stock report of the Debt Management Office (DMO) shows that Nigeria owes the World Bank a total of $15.59 billion as of March 31, 2024.