A United States US-based advocacy firm, Von Batten-Montague-York, says it plans to approach the World Bank to seek a pause in further loans to Nigeria until Nigerians elect their next leaders.
The firm made the position known in a post by Dr. Von Batten, who alleged that international loan requests made by African governments close to elections can be used as a means of diverting public funds.

According to him, with Nigeria’s presidential election approaching, the country is seeking billions of dollars from the World Bank, the European Investment Bank and France’s Agence Française de Développement.

Von Batten alleged that Nigeria’s borrowing has historically raised concerns about the use of public funds, claiming that loans could disappear while politicians acquire properties in the United States and European countries.

He said his organisation would engage the World Bank because the United States is a stakeholder in the institution, arguing that lending to Nigeria should be paused until Nigerians elect their next leaders.

Nigeria’s public debt has risen by nearly ₦62 trillion since Bola Tinubu assumed office, with official figures showing the country’s total debt stock climbing from ₦97.34 trillion at the end of 2023 to ₦159.28 trillion by December 2025.

The figures released by the Debt Management Office show a 63.6 per cent increase in the country’s total public debt over the period. The debt comprises the obligations of the Federal Government, the 36 states and the Federal Capital Territory.

At the end of 2023, Nigeria’s total public debt stood at ₦97.34 trillion, comprising ₦59.12 trillion in domestic debt and ₦38.22 trillion in external debt. The DMO said the increase at the time was driven largely by new domestic borrowing by the Federal Government to part-finance the 2024 budget deficit, alongside disbursements from multilateral and bilateral lenders.

By December 2025, total public debt had climbed to ₦159.28 trillion. Of this amount, external debt accounted for ₦74.43 trillion, while domestic debt stood at ₦84.85 trillion. Federal Government obligations alone accounted for ₦146.76 trillion, comprising ₦80.49 trillion in domestic debt and ₦66.27 trillion in external debt.

The increase has come alongside continued reliance on borrowing to finance government spending and budget deficits. Nigeria’s external creditors include multilateral institutions such as the World Bank Group, while its external commercial obligations include Eurobonds. As of June 2025, the World Bank Group accounted for about $8.04 billion of Nigeria’s external debt, while Eurobonds accounted for about $17.32 billion.

The rising debt burden has also translated into significant debt-servicing obligations. In May 2026, Tinubu said Nigeria would spend about $11.6 billion servicing its debt in 2026, compared with $5.15 billion in 2025, describing the cost of borrowing as a constraint on spending on infrastructure, healthcare and education.

The International Monetary Fund’s 2026 assessment also put Nigeria’s public gross debt at 35.4 per cent of GDP for 2025, while estimating Federal Government interest payments at 53.7 per cent of federal revenue.