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World Bank Confirms It Did Not Refuse a Loan to Nigeria

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The World Bank has not refused a loan to Nigeria; instead, the Federal Government of Nigeria and the World Bank have mutually decided to cancel $717.7 million in unutilized funding from a power sector reform initiative.
This joint cancellation has ignited a surge of public speculation, with some citizens perceiving it as a denial of a loan or a suspension of the program.
 The cancellation effectively concludes the undisbursed segment of a $1.52 billion facility that was initially intended for the Power Sector Recovery Performance-Based Operation (PSRO).
Nigeria formally requested the cancellation of the unused balance on March 26, 2026.
 The restructuring of the program was initiated because the project did not achieve essential global indicators and reform milestones.
A significant depreciation of the Nigerian Naira has increased the cost of natural gas, which supplies over 70% of Nigeria's national grid, disrupting the program's original financial framework.
The program's closing date has been officially advanced from June 30, 2027, to May 31, 2026.
This restructuring occurs during a critical period concerning Nigeria's debt situation with international lenders.
The federal government has been actively negotiating with the World Bank to obtain a new $1.25 billion loan aimed at facilitating structural economic reforms.
Frustrated by escalating inflation and currency volatility, thousands of Nigerian citizens inundated the World Bank's Instagram page, calling on the institution to halt lending to their leaders. This prompted the World Bank to limit comments on its social media accounts. 
Before the cancellation, Nigeria's Accountant-General cautioned that the country might start declining multilateral loan facilities if the World Bank continued to postpone its approval and disbursement processes.
Nigeria continues to be the third-largest borrower from the World Bank's International Development Association (IDA), with its debt exposure amounting to $18.5 billion.

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