Nigeria’s external borrowing under President Bola Tinubu has averaged about $709 million monthly over a 34-month period spanning June 2023 to April 2026. This translates to roughly $22.6 million per day, based on Datavox Media’s analysis of loan commitments secured within the period.
This borrowing pace is anchored on a cumulative $24.11bn sourced from multiple lenders, including multilateral institutions and bilateral arrangements, with data drawn from the World Bank, African Development Bank, Nigeria’s Debt Management Office, and other financing partners.
In naira terms, the total exposure amounts to roughly ₦32.74tn, highlighting the scale of debt accumulation recorded during the period under review. The trajectory is also expected to persist, following the recent approval by the House of Representatives of an additional $516m external loan request by the president.
At the lower end of the borrowing spectrum, smaller facilities include $80m approved by the World Bank under ANRIN 2.0, alongside $6.8m designated for technical support to the Central Bank of Nigeria.
Other financing inflows feature $902m from UK Export Finance, as well as an additional $750m World Bank facility that is not distinctly classified within the available dataset.
Further contributions include $200m apiece from the African Development Bank for Special Agro-Industrial Processing Zones (SAPZ Phase II), agricultural development, and digital economy initiatives, in addition to $100m targeted at supporting youth- and women-led MSMEs.
Interventions backed by the World Bank also cover $552.18m for the HOPE–Education programme, $300m for internally displaced persons, and $250m allocated to the Health Sector Expansion Programme (HSEP Phase II).
A broader set of $500m facilities spans multiple sectors, including power, irrigation (SPIN), women empowerment, governance (HOPE), rural access and urban mobility (RAAMP), BRIDGE, financial inclusion (FINCLUDE), NG-CARES, and agricultural growth (AGROW). The African Development Bank similarly provided $500m each for electricity and energy transmission projects.
Infrastructure-related borrowing includes $652m secured from the China Exim Bank, alongside $570m tied to the HOPE–Primary Healthcare programme.
From the World Bank, Nigeria obtained a $1.5bn Development Policy Financing (DPF) loan aimed at economic stabilisation. Additional support includes $750m each for renewable energy and the health sector, as well as $700m under the SCALE programme.
Among the largest individual facilities recorded is a $5bn financing arrangement via First Abu Dhabi Bank (swap), followed by a $3.3bn oil-backed loan from Afreximbank, and $2.35bn raised through Eurobonds to support the 2025 fiscal deficit and broader government financing needs.
