Tinubu wants to borrow Nigeria into more debt as citizens storm World Bank comments to block fresh loan

West Africa WeeklyMay 13, 20264 Mins read20

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The World Bank’s social media pages have become an unlikely battleground this week, overwhelmed by a torrent of angry Nigerian voices demanding the lender reject a fresh $1.25 billion loan request from President Bola Tinubu’s administration. The public outcry, which erupted after news broke that the government is in advanced talks for the new facility, reflects deepening anxiety over the country’s escalating debt crisis.

The proposed loan, officially titled the Nigeria Actions for Investment and Jobs Acceleration programme, is scheduled for a board review on June 26. If approved, it would become the second largest single World Bank facility secured under President Tinubu, trailing only a $1.5 billion package approved in 2024. The administration has framed the funding as essential for driving reforms across electricity, agriculture, trade, and job creation, arguing that concessional capital is needed to unlock private sector investment and stabilise the economy.

However, the government’s case has failed to sway a growing number of citizens who say the country simply cannot afford another loan. At the heart of the protest is a viral post from a user identified as Nefertiti, which has been viewed more than 250,000 times. “Dear World Bank Group, stop giving Nigeria fresh loans,” she wrote in a message amplified across social media. “You already approved a whopping total of $9.35 billion in loans and credits between June 2023 and May 2026 for the BAT administration. Enough is enough.” The post has drawn thousands of replies and reposts, fuelling a wave of coordinated comments on the World Bank’s official pages.

The backlash is grounded in stark fiscal realities. Nigeria’s total public debt stood at $110.97 billion, roughly N159.28 trillion, as of December 2025, according to the Debt Management Office. Analysts project that if the proposed $1.25 billion facility is fully disbursed, the nation’s total obligations would climb past N161 trillion. More alarming still is the cost of servicing this debt. The 2026 budget sets aside N15.81 trillion for repayments, a figure that consumes the vast majority of government revenue and severely limits spending on health, education, and infrastructure. A report by BudgIT warned that Nigeria’s debt service to revenue ratio, which peaked at 83.62 percent in the second quarter of 2025, signals an immediate fiscal emergency where most government revenue is channelled to creditors rather than development.

The public anger has been raw and personal. Comment threads across X, Facebook, and other platforms are filled with citizens expressing frustration over years of borrowing that they say has produced little visible improvement in their daily lives. One user wrote, “We are not against development. We are against borrowing to pay old debt while schools lack teachers and hospitals lack drugs.” Another added, “Every dollar borrowed today is a naira taken from a mother buying medicine for her child tomorrow.” A small scale farmer from Kano posted, “This loan will not bring rain to our fields, only more interest to pay.” Others directed their fury squarely at the administration, with one commenter warning the World Bank, “Please do not borrow Tinubu and his son any money.”

Not all reactions have been one sided. A minority of voices defended the government, arguing that debt is a normal part of global economic management. Some pointed out that the World Bank’s lending terms for Nigeria remain relatively concessional, and that cutting off access to credit could deepen the country’s liquidity crisis. But such defenders have been drowned out by the overwhelming wave of opposition.

The political timing of the loan request has added fuel to the fire. The June 26 board date falls roughly six months before Nigeria’s January 2027 presidential election, a proximity that has sharpened scrutiny of the government’s borrowing appetite and its motivations. The World Bank itself has flagged the operation’s risk profile as high, citing political and governance pressures ahead of the elections that could delay or reverse sensitive reforms. Some economists fear the new financing could become politically contentious, with critics questioning whether borrowed funds will be directed toward productive investment or election related spending.

Economists are also divided on the wisdom of the loan. Eze Onyekpere, lead director at the Centre for Social Justice, captured the scepticism many feel. “We do not have much problem with collecting loans, but what you actually do with borrowed funds is the critical challenge of Nigeria. If you borrow for consumption and recurrent expenditure, you are not building your capacity for future repayment.” Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise, described the rising debt servicing burden as a structural trap. “The consequence is that you have to go out and borrow again. It’s a major structural issue.”

Yet some analysts argue that borrowing itself is not inherently problematic if it supports growth enhancing projects. A senior economist at a Lagos based consultancy noted that while government revenues have increased substantially and tax reforms will likely balloon them further, the government still needs to borrow to meet capital expenditure. His concern, however, is fiscal discipline. “If we are borrowing for a particular project, that fund must be judiciously expended on it so we can get value for the money.”

The Accountant General of the Federation, Shamseldeen Ogunjimi, recently warned that Nigeria may walk away from World Bank facilities if approvals continue to drag, telling a World Bank delegation that prolonged timelines undermine project execution. But for the millions of Nigerians flooding the World Bank’s comment sections, the message is simpler and more urgent. They are no longer asking whether the loan can be funded. They are demanding proof that the money, if it comes, will not simply vanish into the same cycle of borrowing, repayment, and renewed crisis that has defined Nigeria’s economic management for years.

With the June 26 vote looming, the World Bank now finds itself caught between the fiscal arguments of the Nigerian government and the desperate pleas of its citizens. For now, the digital protest continues, raw, unfiltered, and impossible to ignore.