Nigeria becomes 3rd largest debtor to World Bank
Nigeria has emerged as the third-largest debtor to the World Bank’s International Development Association (IDA), with an accumulated debt of $16.5 billion as of June 30, 2024.
This increase elevates the country from its previous rank as the fourth-largest borrower in 2023.
The World Bank’s recent financial disclosures indicate that Nigeria’s exposure to the IDA has risen significantly by 14.4%, escalating from $14.3 billion in fiscal year 2023 to the current $16.5 billion in fiscal year 2024.
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This $2.2 billion rise marks Nigeria’s debut among the top three IDA debtors.
The IDA is known for offering concessional loans and grants to the world’s most impoverished nations, often featuring low interest rates and extended repayment periods. Under President Bola Tinubu’s administration, Nigeria’s borrowing from the IDA has surged, with the country securing at least $2.2 billion in new loans.
Additionally, data from the Central Bank of Nigeria’s international payment portal highlights that the Tinubu administration allocated $5.39 billion towards debt servicing out of a total of $9.1 billion in international payments made from June 2023 to July 2024.
This accounts for 59% of all international payments during that timeframe.
Proofreading by Fa’izatu Aliyu Doma, Journalist at Neptune Prime.
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