Nigeria is still repaying $10.6 billion in loans obtained by former Presidents Olusegun Obasanjo, late Umaru Musa Yaradua, and Goodluck Jonathan, according to the World Bank Group Finances.
The loans, which were secured between 2000 and 2014, are still being repaid by the current administration, with $4.95 billion of the debt incurred by President Bola Tinubu’s government in its first 12 months.
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The Debt Management Office reported that Nigeria’s domestic and external debts stood at N121.67 trillion ($91.46 billion) as of March 31, 2024.
The World Bank Group Finances platform revealed that the Federal Government is still repaying at least 69 different loans obtained between 2000 and 2014, including the Community Based Poverty Reduction Project ($60 million), Second Primary Education Project ($55 million), and Economic Management Capacity Building Project ($20 million).
The Central Bank of Nigeria also reported that $15.55 billion was spent on debt servicing between 2019 and 2024.
