Public commentator Mahdi Shehu has threatened legal action against the World Bank over alleged delays in the approval and disbursement of loans to Nigeria, demanding an apology to Nigerians and accusing the global lender of frustrating the country’s economic recovery.
Shehu made the remarks on Sunday in a post on X while reacting to reports that the administration of Bola Ahmed Tinubu had expressed concerns over delays in accessing funds from approved World Bank loans.
According to him, the delay was troubling because Nigeria had consistently shown readiness to borrow while the World Bank had also maintained a long-standing relationship as one of the country’s major lenders.
“Nigeria is a serial willing borrower and the World Bank a serial loan giver,” Shehu said.
He argued that delaying already approved loans could negatively affect government programmes and economic plans, especially at a time when the country is struggling with inflation, rising debt, unemployment and pressure on the naira.
Shehu further alleged that the delay appeared to be a deliberate move aimed at weakening the country’s economic stability.
“Delay in disbursing approved loans appears to be a deliberate sabotage against a stabilized and fully recovered economy and polity,” he said.
The commentator also mocked the situation, describing it as unusual for a country eager to borrow money to openly complain about a lender delaying payment.
“A situation where an ever willing loan seeker is warning an ever willing loan giver must be recorded by the Guinness Book of Records,” he added.
Shehu demanded that the World Bank apologise to Nigerians over the delay, warning that failure to do so could lead to legal action at the international level.
“The World Bank must apologize to all Nigerians for the delay which will affect our comfort level, otherwise we will file a class action at the World Court of Justice,” he said.
He added that there would be no opportunity for settlement once legal proceedings begin.
“And the moment we file against them, there will be no room for out-of-court settlement,” he stated.
Shehu also claimed that any legal team handling the matter would be led by Nigeria’s Attorney-General and Minister of Justice, Lateef Fagbemi.
The World Bank had not officially responded to Shehu’s comments as of Sunday evening.
Nigeria remains one of the largest borrowers from the World Bank in Africa. Over the years, successive governments have relied heavily on loans from international financial institutions to fund infrastructure, social programmes, healthcare, education and economic reforms.
Since assuming office in May 2023, President Tinubu’s administration has pursued several economic reforms, including the removal of fuel subsidy and the unification of the foreign exchange market.
While the government says the reforms are necessary to stabilize the economy and attract investment, many Nigerians have complained about rising living costs, inflation and hardship.
To support reform programs and development projects, the Federal Government has continued to seek financial support from institutions such as the World Bank, the International Monetary Fund and the African Development Bank.
In recent years, Nigeria has secured billions of dollars in loans from the World Bank for projects linked to poverty reduction, power supply, agriculture, digital economy, healthcare and education.
However, concerns have continued to grow over the country’s rising debt profile and the speed at which governments depend on borrowing to finance public spending.
According to data from the Debt Management Office, Nigeria’s public debt has increased significantly over the past decade due to domestic and external borrowing.
Critics have warned that heavy dependence on loans could place more pressure on future generations and reduce funds available for development due to rising debt servicing costs.
Supporters of government borrowing, however, argue that loans are necessary for developing countries like Nigeria to build infrastructure and support economic growth, especially during difficult economic periods.
The latest controversy over delayed loan disbursement has also drawn attention to the relationship between Nigeria and international lenders.
International lenders often require governments to meet certain conditions before loans are released. These conditions may include economic reforms, accountability measures and proper project documentation.
In some cases, loan disbursements are made in phases depending on project performance and compliance with agreed terms.
Despite Shehu’s strong comments, legal experts say it may be difficult to successfully sue an international financial institution like the World Bank at the International Court of Justice because such institutions operate under international agreements and legal protections.
The International Court of Justice mainly handles disputes between countries and not necessarily cases brought by private individuals or groups against global financial organisations.
Still, Shehu’s comments have generated reactions on social media, where many Nigerians expressed mixed opinions about the issue.
Some users questioned why the country continues to depend heavily on borrowing despite repeated promises of economic diversification and increased local production.
Others argued that delays in loan disbursement could affect key government projects and worsen economic hardship if funding gaps are not quickly addressed.
The debate also comes at a time when many Nigerians are facing rising food prices, high transport costs and economic uncertainty caused by inflation and currency instability.
As of Sunday night, neither the Federal Government nor the World Bank had issued any formal statement regarding Shehu’s legal threat or the alleged delay in loan disbursement.