By Julian Osamoto
The Federal Government is seeking $1.5bn in fresh World Bank financing for climate resilience, social protection and early childhood development as Nigeria’s public debt rises to a record N166.79tn.
World Bank documents show that the proposed financing comprises three separate $500m facilities, with the projects at different stages of preparation and approval.
According to the document, the most advanced proposal is an additional $500m for the Agro-Climatic Resilience in Semi-Arid Landscapes project, known as ACReSAL. The World Bank is expected to consider the facility on 29 October 2026.
If approved, the financing would increase ACReSAL from $700m to $1.2bn. The project operates across 19 northern states and the Federal Capital Territory, focusing on land restoration, flood and erosion management, irrigation, water storage and reforestation.
Another proposed $500m facility is for the Household Prosperity and Empowerment-Social Protection Project, which would support cash transfers, modernise the social registry and integrate the National Identification Number into the social protection system.
The World Bank has scheduled the social protection project’s technical design review for 30 October 2026, with approval tentatively set for March 2027.
The third proposed $500m facility would fund a national Early Childhood Development programme covering all 36 states and the FCT, with interventions targeting health, nutrition, early learning, childcare, water and sanitation for children aged zero to five.
According to the World Bank, the programme is needed because of poor early-childhood outcomes, including high levels of stunting and limited access to organised early learning.
The proposed borrowing comes as Nigeria’s public debt increased by N14.39tn, or 9.44 per cent, from N152.40tn in June 2025 to N166.79tn at the end of June 2026, according to the Debt Management Office.
Debt also increased by N7.44tn between March and June 2026, rising from N159.35tn to N166.79tn. Domestic debt stood at N91.59tn, while external debt was N75.20tn.
In dollar terms, total public debt rose from $99.66bn in June 2025 to $120.93bn in June 2026, an increase of $21.27bn.
The proposed World Bank facilities remain subject to the lender’s approval process and have not yet been disbursed.
