Critics Slam World Bank’s $632 Million Loan To Nigeria As Debt Concerns Deepen

According to Punch, the loans include $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project and $552 million for the HOPE for Quality Basic Education for All program. Both projects are nearing final approval as negotiations wrap up today. The World Bank aims to support Nigeria’s development agenda, particularly in healthcare, education, and community resilience.

The funding will boost the government’s efforts to enhance nutrition outcomes and increase access to quality education for Nigerian children.

This loan approval follows the recent $500 million granted to Nigeria last Friday to support the Community Action for Resilience and Economic Stimulus Program. Launched on March 28, 2025, the program seeks to tackle economic challenges by offering grants to vulnerable households and aiding small businesses hit by economic downturns. It primarily focuses on improving food security and creating economic opportunities for affected communities.

While the new loans offer a financial boost, there are lingering concerns about the disbursement of previous funds. For instance, only $315 million of the $800 million approved for the National Social Safety-Net Program Scale Up has been released, with the remainder delayed due to fraud detection.

Additionally, former Humanitarian Minister Betta Edu was suspended over alleged misappropriation of ₦585 million for palliative distribution, while her predecessor, Sadiya Umar-Farouq, is under EFCC investigation for financial misconduct. These incidents have sparked doubts about the management and transparency of government-led programs.