WORLD BANK RESTRICTS INSTAGRAM COMMENTS AMID BACKLASH OVER NIGERIA’S PROPOSED $1.25BN LOAN
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The World Bank has restricted comments on its Instagram page following a wave of reactions from Nigerians opposing plans by the Federal Government of Nigeria to secure a fresh $1.25bn loan facility under President Bola Tinubu.
The backlash followed reports that the Federal Government is in advanced discussions with the World Bank over a proposed loan package aimed at supporting economic reforms, electricity expansion, digital infrastructure, agriculture, and job creation initiatives.
The proposed facility, titled Nigeria Actions for Investment and Jobs Acceleration, is expected to be presented for approval on June 26, 2026, according to reports.
If approved, the loan would become the second-largest single World Bank facility secured under the Tinubu administration, behind the $1.5bn Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing approved in June 2024.
At the current exchange rate of N1,361.4 to the dollar, the proposed facility is estimated at approximately N1.70tn.
Following the development, several Nigerians reportedly flooded the World Bank’s social media platforms, urging the institution to halt further lending to Nigeria over concerns about rising public debt and worsening economic hardship.
The World Bank’s Instagram page subsequently recorded heightened engagement, with observers noting that the organisation appeared to limit comments to manage the influx of reactions related to Nigeria’s borrowing plans.
Findings showed that the World Bank has approved about $9.35bn in loans and credits for Nigeria between June 2023 and May 2026.
The approvals cover sectors including power, education, healthcare, agriculture, renewable energy, social protection, MSME financing, and economic reform support.
Major approvals during the period include the $2.25bn RESET and ARMOR reform financing approved in June 2024, $1.57bn for the HOPE and SPIN programmes in September 2024, and $1.08bn for education and resilience programmes approved in March 2025.
Should the fresh $1.25bn facility receive approval next month, total World Bank financing approvals for Nigeria under Tinubu would rise to approximately $10.6bn.
However, reports noted that many approved World Bank facilities are not immediately disbursed, as releases are tied to specific reform benchmarks and policy conditions that often delay access to the funds.
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