The Federal Government of Nigeria has partnered with the World Bank in a new initiative aimed at reducing poverty and enhancing the living conditions of vulnerable groups nationwide.
World Bank Regional Vice President for Western and Central Africa Ousmane Diagana made the statement while meeting with Prof. Yilwatda Nentawe, Minister of Humanitarian Affairs and Poverty Reduction, and his Minister of State, Dr. Yusuf Sununu, in Abuja.
This development comes as the Independent Media and Policy Initiative (IMPI) refuted recent remarks made by former Senate Chief Whip, Mohammed Ndume, describing his criticism of the World Bank loans secured by President Bola Tinubu’s administration as a deliberate misrepresentation of the facts. According to the World Bank, $17 billion has been committed to various social investment programmes designed to alleviate poverty in Nigeria.
“This partnership is built on a strategic framework that supports Nigeria’s development progress by delivering quality services, promoting job creation, and fostering inclusive growth,” Diagana said. “We have committed over $17 billion to investments and reforms critical to this goal.”
Minister Nentawe, in his remarks, emphasized that all beneficiaries of the Federal Government’s Conditional Cash Transfer programme will be issued digital identities, enabling efficient tracking and support.
“Digital identity not only fosters social inclusion but also extends financial inclusion to hundreds of thousands of Nigerians who were previously excluded from both systems,” he said.
Meanwhile, IMPI, in a policy statement signed by its Chairman, Dr. Omoniyi Akinsiju, criticized Ndume’s position as lacking depth and factual accuracy. The group argued that the senator’s perspective failed to reflect the complexities of development financing.
IMPI clarified that World Bank loans comprised nearly 80% of Nigeria’s multilateral debt in 2024, rising modestly from $21.15 billion in 2023 to $22.32 billion—a 5.5% increase, far from the $9.5 billion figure cited by Ndume. In contrast, Nigeria’s debt to the International Monetary Fund (IMF) significantly declined from $2.47 billion to $800.23 million, a 67.6% drop during the same period.
“These figures demonstrate that the Tinubu administration is not irresponsibly piling up debt but is strategically securing credit for essential sectors while managing the overall debt burden,” IMPI stated.
The policy group also dismissed allegations that the World Bank loans bypassed legislative oversight. It stressed that every World Bank loan undergoes internal approval processes through either the International Development Association (IDA) or the International Bank for Reconstruction and Development (IBRD), followed by clearance from Nigeria’s National Assembly.
“While six projects worth $4.25 billion were approved in 2024, actual disbursements between 2023 and 2024 total just $2.36 billion—well below the $9.5 billion claimed,” the group added.
After a thorough analysis of Nigeria’s 22-month World Bank loan history, IMPI came to the conclusion that Senator Ndume lacked a thorough grasp of the debt profile of the nation. The group cautioned against populist narratives that could mislead the public and asked public leaders to put honesty and transparency first in their remarks.
