Federal Government opens talks with World Bank for $1.5bn in new loans

The Federal Government has opened discussions with the World Bank for three new loans totalling $1.5bn, even as Nigeria’s public debt climbed to a record N166.79tn at the end of June 2026, Punch reports.

According to World Bank documents obtained by the newspaper, the proposed financing comprises three separate $500m facilities for climate resilience, social protection and early childhood development.

The most immediate is additional financing for the Agro-Climatic Resilience in Semi-Arid Landscapes project, which the World Bank board will consider on October 29, 2026. The other two are scheduled for approval in March 2027.

Data from the Debt Management Office showed Nigeria’s debt to the World Bank Group stood at $20.73bn in June, about 38 percent of its external debt, meaning the new loans will deepen exposure to the lender.