The federal government is seeking three World Bank loans totaling $1.5 billion to fund climate resilience, social protection, and early childhood development projects, even as Nigeria's public debt burden per citizen has climbed to an estimated N716,822. According to World Bank documents, the proposed financing comprises three separate $500 million facilities, each targeting a distinct development priority.
Three New Loan Facilities Proposed
The first proposed loan is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL. This additional funding would increase ACReSAL’s total financing from $700 million to $1.2 billion, supporting landscape restoration, flood management, irrigation, drainage, water storage, reforestation, and other climate-related projects. The World Bank is expected to consider the financing on October 29, 2026.
The second proposed $500 million facility is for the Household Prosperity and Empowerment-Social Protection Project. This programme is expected to support cash transfers, modernise Nigeria’s social registry, and strengthen social protection systems across the country.
The third $500 million loan is designated for an Early Childhood Development programme covering all 36 states and the Federal Capital Territory. The programme would focus on health, nutrition, early learning, childcare, water, and sanitation for children aged zero to five.
Nigeria’s Debt Rises to N166.79 Trillion
According to the Debt Management Office, 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. The federal government’s domestic debt was N87.00 trillion, and states and the FCT owed N4.59 trillion domestically. External debt for the federal government was N65.77 trillion, while states and the FCT owed N9.42 trillion externally. Domestic debt accounted for 54.91% of the total public debt, while external debt represented 45.09%.
Nigeria’s World Bank debt stood at $20.73 billion as of June 2026, comprising $19.12 billion owed to the International Development Association and $1.61 billion to the International Bank for Reconstruction and Development.
Debt per Nigerian Rises 87%
Nigeria’s estimated public debt per person has increased sharply over the past three years. 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, putting the 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 an estimated debt burden of N716,822 per person—an 87% rise from June 2023.
Earlier, Legit.ng reported that the National Bureau of Statistics revealed that Nigeria's total external debt stock climbed to $51 billion (N74.43 trillion) in the fourth quarter of 2025. According to its latest public data report, Lagos State has emerged as Nigeria’s most indebted subnational government in terms of external borrowing. The NBS figures indicate that external debt accounted for 46.73% of Nigeria’s total public debt during that period.
