Under the leadership of the President, Major General Muhammadu Buhari, Nigeria’s borrowing from the World Bank has increased by 121.46 percent.
According to Punch, Nigeria’s overall debt to the World Bank Group increased by $7.64 billion over the course of seven years.
According to data from the external debt stock reports by the Debt Management Office, the country’s indebtedness to the Washington DC, United States-based lender rose from $6.29 billion (N2.9 trillion) as of December 2015 to $13.93 billion (N6.42 trillion) as of December 2022.
The International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD), which make up the World Bank, have over the years advanced loans to Nigeria.
The data showed that in 2016, Nigeria had a debt of $6.29 billion from IDA and $3.57 million from IBRD, but by 2022, the borrowing through IDA was $13.45 billion while the one from IBRD was $487.03 million.
A further breakdown over the years showed that Nigeria’s total borrowing from World Bank was $6.67 billion in 2016, $8.03 billion in 2017, $8.67 billion in 2018, $10.1billion in 2019, $11.53 billion in 2020, and $12.38 billion in 2021.
However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13bn IDA debt stock as of June 30, 2022.
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