World Bank Ranks Nigeria Third-Largest Debtor

Nigeria has emerged as the third-largest debtor to the World Bank’s International Development Association, with a total debt stock of $16.5 billion as of June 30, 2024.

This is an increase from its previous position as the fourth-largest borrower in 2023.

According to the World Bank’s latest financial statements, Nigeria’s exposure to the IDA surged by 14.4 percent, rising from $14.3 billion in fiscal year 2023 to $16.5 billion in fiscal year 2024.

This $2.2 billion increase marks Nigeria’s first appearance among the top three IDA debtors.

The IDA provides concessional loans and grants to the world’s poorest countries, with low interest rates and extended repayment periods.

Nigeria’s borrowing from the IDA has been on the rise, with the country receiving at least $2.2 billion in new loans from the IDA under the administration of President Bola Tinubu.

READ ALSO: DSS Freezes 13 Bank Accounts Linked to Suspected Terrorist

The Central Bank of Nigeria’s international payment portal has also revealed that the Tinubu administration spent $5.39 billion on debt servicing out of a total of $9.1 billion in international payments made between June 2023 and July 2024.

This represents 59 percent of the total international payments made during this period.