The World Bank seems to have restricted comments on parts of its Instagram page following a wave of reactions from Nigerians opposing plans by the Federal Government to secure a fresh $1.25bn loan facility under President Bola Tinubu.

The backlash comes after an exclusive report by The PUNCH that the Federal Government is in advanced discussions with the World Bank on a proposed facility to support economic reforms, electricity expansion, digital infrastructure, agriculture, and job-creation initiatives.

The proposed loan, titled Nigeria Actions for Investment and Jobs Acceleration, is expected to be presented for approval on June 26, 2026, about six months and 21 days before the January 16, 2027, presidential election, according to the revised timetable of the Independent National Electoral Commission.

If approved, the loan will rank as the second-largest single World Bank facility secured under Tinubu, behind only the $1.5bn Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing approved in June 2024.

At an exchange rate of N1,361.4 to the dollar, the proposed $1.25bn facility translates to about N1.70tn, highlighting the scale of external financing being pursued by the Federal Government amid ongoing economic reforms.

The PUNCH observed that several Nigerians had flooded the World Bank’s social media platforms with messages urging the institution to halt further lending to Nigeria, citing concerns over the country’s rising debt profile and worsening economic hardship.

The PUNCH further observed that the World Bank’s Instagram page recorded a surge in engagement following online discussions surrounding the proposed loan request.

However, further checks showed that the restriction appeared to be device-specific, as the comment option was unavailable when accessed through some iPhone devices but remained visible when the page was checked using an Android phone.

A top source at the World Bank, who spoke on condition of anonymity because they were not authorised to comment publicly, said the situation was likely due to a technical issue and not linked to reactions from Nigerians over the proposed loan.

According to the source, the bank would not shut its comment section because of remarks from Nigerians, noting that such comments were common on the organisation’s platforms.

The fresh borrowing move comes amid growing scrutiny of Nigeria’s rising reliance on multilateral financing under Tinubu. Findings showed that the World Bank approved about $9.35bn in loans and credits for Nigeria between June 2023 and May 2026.

The approvals cut across several sectors, including power, education, healthcare, agriculture, social protection, renewable energy, MSME financing, and economic reform support. Major facilities 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.

If the proposed $1.25bn facility is approved next month, total World Bank approvals under Tinubu would rise to about $10.6bn, reinforcing the institution’s position as one of Nigeria’s biggest external financiers.

However, The PUNCH observed that many of the approved loans are not immediately disbursed, as releases are often tied to the implementation of specific policy and reform conditions, leading to delays in access to the funds.

(The PUNCH)

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