The Federal Government is seeking three new loans worth $1.5 billion from the World Bank as Nigeria’s public debt climbed to a record N166.79 trillion by the end of June 2026.
The proposed loans consist of three $500 million facilities targeting climate resilience, social protection and early childhood development.
The first is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL. If approved, it will raise the project’s funding from $700 million to $1.2 billion. The World Bank is expected to consider it on October 29, 2026.
Another $500 million facility is planned for the Household Prosperity and Empowerment-Social Protection Project, with a technical review expected on October 30.
The third $500 million loan will support Nigeria’s Early Childhood Development programme, with approval planned for March 2027.
The fresh borrowing plans come as Nigeria’s public debt rose 9.44% year-on-year to N166.79 trillion. World Bank records also show that Nigeria owed the institution $20.73 billion as of June 2026, making it the country’s largest external creditor.
