Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
A United States-based advocacy organisation, Von Batten-Montague-York, has called on international financial institutions to suspend new lending to Nigeria ahead of the country’s 2027 general election, arguing that additional borrowing should be deferred until after Nigerians elect their next leaders.
The organisation made the demand in a statement published on its X account on October 4, 2026, amid reports that President Bola Ahmed Tinubu’s administration is seeking additional financing from international development institutions.
The group specifically mentioned the World Bank, European Investment Bank (EIB) and France’s Agence Française de Développement (AFD), and questioned the timing of fresh financing requests as Nigeria moves towards the 2027 presidential election.
“The Nigerian presidential election is a few months away, and, on cue, Nigeria’s President Bola Tinubu is seeking billions of dollars from the World Bank and, not surprisingly, from the European Investment Bank and France’s Agence Française de Développement,” the organisation said.
Von Batten-Montague-York alleged that Nigeria’s history of corruption created risks around the management of borrowed funds. It argued that additional loans could ultimately leave ordinary Nigerians responsible for repayment while political actors benefit from public resources.
“Nigeria takes on loans, funds disappear, politicians buy houses in the U.S. and EU, while ordinary Nigerians struggle to feed their families,” the organisation stated.
The advocacy firm said it planned to contact the World Bank over the matter, pointing to the United States’ role as a stakeholder in the institution.
“Given Nigeria’s history of corruption, loans should be paused until Nigerians elect their next leaders,” it added.
The call, however, represents the position of the advocacy organisation and does not amount to a decision by the World Bank, EIB or AFD to suspend financing to Nigeria. There was no indication in the sources reviewed that any of the three institutions had adopted the group’s demand.
Available records from the World Bank show that Nigeria continues to have an extensive development-financing relationship with the institution. The World Bank’s financing database lists more than 200 projects in Nigeria, with total commitments exceeding $45 billion as of August 31, 2026.
The institution also approved major financing for Nigeria during 2026. On March 30, the World Bank approved a $500 million International Development Association credit for the Nigeria Sustainable Agricultural Value-Chains for Growth project, designed to support farmers, agricultural businesses, value chains and employment.
In June, the World Bank also approved two Nigeria Actions for Investment and Jobs Acceleration operations worth $500 million and $750 million respectively, according to its financing database.
The World Bank’s data therefore confirms that significant development financing has continued during the Tinubu administration. The available records do not, however, establish that all such financing is connected to the 2027 election or intended for electoral purposes.
Nigeria has also continued to receive financing from the European Investment Bank. On June 18, 2026, EIB Global announced a €200 million financial partnership with the Development Bank of Nigeria to support small-scale investments, including projects linked to agriculture, renewable energy, digitalisation and innovation.
Four days later, on June 22, EIB Global announced another €50 million credit line with Wema Bank aimed at eligible businesses, particularly those involving young people and women, as well as environmentally sustainable investments.
AFD also maintains an active financing relationship with Nigeria. Its current 2026-2030 country framework says the agency is supporting Nigeria’s objectives around inclusive growth, climate resilience and sustainable development. AFD says its work in Nigeria involves public-sector financing, private-sector support and technical cooperation, alongside co-financing arrangements with international development partners.
The existence of these programmes is important to the current debate because the advocacy group's demand is directed at new lending generally, while the institutions involved describe their financing in terms of specific development projects and economic objectives.
The controversy comes against the backdrop of increased scrutiny of Nigeria’s borrowing strategy as the Federal Government seeks financing for infrastructure, investment, employment and other development priorities.
The World Bank says its updated Country Partnership Framework for Nigeria continues to focus on human capital development, job creation and economic diversification, resilience and fragility reduction, and public-sector strengthening.
The advocacy group's argument is that the proximity of the 2027 election warrants additional scrutiny of any new borrowing. It has not, however, provided evidence in its October 4 statement establishing that the specific financing arrangements it referenced would be diverted to electoral activities.
The group’s allegations about corruption and politicians allegedly benefiting from borrowed funds are similarly claims made by the organisation and were not accompanied in the statement by evidence linking particular loans to such conduct.
The call comes as Nigeria prepares for the next general election, scheduled for 2027. Political parties and politicians have already begun preparations, increasing public attention on government spending, borrowing and the management of public resources.
For the international lenders mentioned by the advocacy organisation, any decision on financing would ordinarily be tied to the terms, objectives and approval processes of individual projects rather than solely to the timing of Nigeria’s electoral calendar.
As of October 5, there was no public announcement from the World Bank, EIB or AFD confirming that they had agreed to suspend new loans to Nigeria following the advocacy group’s appeal.
The development therefore represents a new challenge from a US-based advocacy organisation over Nigeria’s borrowing plans, rather than an announced change in the lending policies of the international institutions involved.
For now, Nigeria’s development-financing programmes with the World Bank, EIB and AFD remain active, while Von Batten-Montague-York is urging those institutions to pause additional lending until after the 2027 election.
The debate is likely to continue as questions over Nigeria’s debt, development financing, transparency and public spending become increasingly prominent ahead of the next general election.
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