I Will Clear World Bank, External Debts by 2030, Boasts Tinubu

President Bola Ahmed Tinubu has announced plans to fully repay Nigeria’s outstanding World Bank loans and other external debts by the year 2030.

The announcement was made as part of a broader strategy aimed at restoring financial sovereignty and ensuring long-term economic sustainability.

According to a statement released by the presidency, the government is intensifying efforts to implement reforms that will boost revenue generation, improve debt management, and foster investor confidence.

The move is expected to reduce Nigeria’s reliance on international borrowing and reposition the country for sustainable development.

“This administration is committed to responsible economic management. Our goal is to gradually reduce Nigeria’s debt burden and achieve complete clearance of our external loans, including World Bank obligations, by 2030,” a senior government official said.

Nigeria’s external debt profile has been a topic of national concern, with a significant portion of the debt owed to multilateral institutions such as the World Bank and the International Monetary Fund (IMF).

Analysts have warned that rising debt servicing costs could impact critical government spending on infrastructure, healthcare, and education if left unchecked.

The Tinubu-led government has already initiated several policy reforms, including the removal of fuel subsidies, foreign exchange unification, and measures to improve tax compliance.

These steps, according to the administration, are vital to freeing up resources needed for debt repayment and economic revitalization.

Financial experts have reacted cautiously to the announcement, noting that while the target is ambitious, it is achievable if current reforms are sustained and matched with prudent fiscal discipline.