The Federal Government is seeking fresh financing of $1.5 billion from the World Bank, even as Nigeria’s total public debt rises to a record N166.79 trillion.
The proposed financing is divided into three separate $500 million facilities targeting climate resilience, social protection and early childhood development.
The first facility is an additional $500 million for the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL. If approved, the funding would increase the project’s total financing from $700 million to $1.2 billion...READ THE FULL ARTICLE HERE .
The money is expected to support land restoration, flood and erosion control, irrigation, drainage, reforestation and other climate-resilience projects across 19 northern states and the Federal Capital Territory.
Another $500 million facility is being proposed for the Household Prosperity and Empowerment-Social Protection Project, which is designed to expand social assistance for poor and vulnerable households.
The programme could support targeted cash transfers, strengthen Nigeria’s social registry and improve the delivery of social protection programmes through federal, state and local government systems.
The third $500 million facility would fund the proposed Nigeria Early Childhood Development programme, covering all 36 states and the FCT.
The programme is expected to improve access to healthcare, nutrition, early learning, childcare, water and sanitation services for children between zero and five years old.
The fresh borrowing request comes as Nigeria’s public debt continues to climb. Latest figures show that total public debt increased from N152.40 trillion in June 2025 to N166.79 trillion in June 2026, representing a rise of N14.39 trillion in one year.
Nigeria’s external debt stood at $54.52 billion at the end of June 2026, while its outstanding debt to the World Bank Group reached $20.73 billion.
The proposed loans are expected to come through the World Bank’s International Development Association, which provides concessional financing to eligible countries.
The World Bank is expected to consider the additional ACReSAL financing on October 29, 2026, while the other two proposed facilities have tentative approval dates in March 2027.
The latest borrowing plan has also renewed attention on Nigeria’s growing debt obligations and the government’s ability to ensure that borrowed funds are channelled into projects capable of improving living conditions and supporting long-term economic growth.
