Nigeria has received only about 16% of the total loan approved by the World Bank under the administration of President Bola Tinubu.
According to an analysis of disbursement data from the website of the World Bank, the loans, which were approved for various projects aimed at economic stabilization, infrastructure development, and social welfare, amount to $4.95 billion.
However, as of July 31, 2024, only $774.99 million has been disbursed, raising concerns about the pace of project implementation and fund utilization.
The World Bank has approved a series of loans to Nigeria, strategically targeting critical sectors such as economic reforms, resource mobilization, adolescent girls’ education, and renewable energy expansion.
Despite these approvals, the data reveals a significant gap between the approved funds and the actual disbursements, underscoring challenges in project execution and fund allocation.
In total, these loans amount to $4.95 billion, with a substantial $4.16 billion still awaiting disbursement.
It is important to note that a number of these loans are conditional, requiring specific criteria to be met before additional funds can be disbursed. These conditions are designed to ensure that the funds are used effectively and that the projects are on track to achieve their intended outcomes.