Recently on social media, media houses like The Parallel Facts reported that the World Bank cancelled Tinubu’s $717.7 million loan, with many people attributing this to the World Bank’s Instagram and X (section) comment section being filledwith messages telling them not to lend money to “Tinubu”.
However, that is not true. Yes, the World Bank and the Federal Government cancelled $717.7 million in remaining World Bank financing meant for Nigeria’s Power Sector Recovery Programme, but the cancelled amount formed part of a larger $1.52 billion electricity support programme that the World Bank approved to improve power supply, strengthen the sector financially, and support reforms in the electricity industry.
According to the World Bank’s restructuring paper, the cancelled amount simply represented the entire undisbursed balance under the programme. 
“The restructuring will result in the cancellation of the entire undisbursed balance in the amount of $717.7 million equivalent, and no further disbursements will be made under the programme following approval of this restructuring,” the bank stated.
The Federal Government requested the cancellation, and both parties agreed to discontinue funding under the Power Sector Recovery Performance-Based Operation. They cited changing sector realities and the government’s failure to meet key reform milestones.
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Out of the total $1.52 billion programme, the government had already used or committed about $802.3 million before authorities cancelled the remaining $717.7 million.
What Sparked Citizens’ Reactions to Tinubu’s Plan to Borrow Money from the World Bank?
Several Nigerians took to the World Bank’s social media pages to express outrage over the Bola Tinubu administration’s plan to secure a new $1.25 billion loan facility.
The reactions followed reports that the Federal Government had entered advanced talks with the World Bank over a loan expected to support economic reforms, electricity expansion, digital infrastructure, agriculture, and job creation.
Reports stated that the proposed facility, titled “Nigeria Actions for Investment and Jobs Acceleration”, could receive approval in June 2026. The loan could also become one of the largest World Bank facilities secured under Bola Tinubu’s administration.
Many Nigerians expressed concern over the country’s rising debt profile and worsening economic hardship. They flooded social media comment sections and urged the World Bank not to approve another loan for Nigeria, leading the World Bank to restrict their comment section.
So, Did Nigerians Cause the World Bank to Cancel Tinubu’s Loan?
The timeline of these events explains why so many people connected the dots incorrectly. The World Bank did restrict its Instagram comments due to comments from angry citizens over a proposed $1.25 billion loan. However, that internet protest had nothing to do with the $717.7 million cancellation.
The viral outrage shows just how exhausted Nigerians are with the country’s rising debt profile, but the Federal Government directly requested the loan cancellation after missing key operational milestones, making it a bureaucratic decision.
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