Nigeria has received only $774.99 million, which is approximately 16% of the $4.95 billion in loans approved by the World Bank under the administration of President Bola Tinubu as of July 31, 2024.
This disbursement data, analyzed from the World Bank's website, highlights a major gap between the approved funds and the actual amounts received.
The loans were intended for various projects aimed at economic stabilization, infrastructure development, and social welfare. Despite the approval of these substantial funds, a considerable $4.16 billion remains undisbursed.
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 out of its $750 million allocation.
It is important to note that many of these loans are conditional, requiring specific criteria to be met before additional funds can be released. These conditions are designed to ensure effective use of the funds and successful achievement of the projects' intended outcomes.
Additionally, data from the external debt stock report of the Debt Management Office (DMO) shows that as of March 31, 2024, Nigeria owes the World Bank a total of $15.59 billion.
This rising external debt servicing cost raises concerns about the country's financial health and the pace of project implementation and fund utilization.
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