Nigerians have taken to the World Bank’s Instagram page to express outrage over the country’s mounting debt, following reports that President Bola Ahmed Tinubu’s administration is seeking a fresh $1.25 billion loan. The reactions, which appeared under multiple posts, urged the global lender to stop approving loans for Nigeria, accusing politicians of mismanaging public funds.
Fresh Loan Request Sparks Outcry
The proposed loan, titled ‘Nigeria Actions for Investment and Jobs Acceleration’, is scheduled for review by the World Bank board on June 26, 2026. If approved, it would bring total World Bank approvals under Tinubu to approximately $10.6 billion since June 2023.
Many Nigerians commented on the World Bank’s posts, expressing frustration. One user wrote, “World bank abeg stop borrowing us Nigerians money again our greedy politicians are using it to enrich themselves at our detriment.” Another said, “Don’t borrow Tinubu money again they want to finish Nigerians ooh.” Others added, “Please don't borrow @officialasiwajubat any money again” and “STOP BORROWING THE PRESIDENT OF NIGERIA MONEY, HE IS LOOTING THE COUNTRY INTO OBLIVION.”
Rising Debt Burden Under Tinubu
Since assuming office in 2023, Tinubu’s administration has secured billions in World Bank loans across sectors like power, education, healthcare, agriculture, and economic reforms. The fresh loan is intended to support investment, digital access, electricity expansion, and job creation. However, concerns over Nigeria’s debt burden have intensified. President Tinubu recently disclosed that Nigeria may spend about $11.6 billion servicing debt in 2026, nearly half of the projected revenue for the year.
Tinubu has called for reforms to the global financial system, arguing that African countries face unfair borrowing conditions. Meanwhile, the government has implemented major economic reforms, including fuel subsidy removal and naira floating, which it says are necessary for long-term stability. But for many Nigerians, the growing foreign borrowing remains a source of anxiety over future debt obligations and economic direction.
The rising debt profile has become a major topic of public debate, especially as inflation, fuel prices, and the cost of living continue to rise across the country.
