Nigeria’s loans from World Bank, AfDB rise to $14.35bn under Buhari

Written by on August 2, 2021

Nigeria’s liabilities to the World Bank and the African Development Bank rose from $7.14bn to $14.25bn between June 30, 2015, and March 31, 2021, data obtained from the Debt Management Office have shown.

This means that the commitment of the banks to the country rose by $7.11bn within the period under review. This represents an increase of 98.48 percent.

As of June 30, 2015, the Federal Government had borrowed a total sum of $6.19bn from the World Bank.

A breakdown of the group’s portfolio in the country shows that a greater part of the loans was obtained from the International Development Association, an arm of the World Bank that specializes in giving concessional loans to poor and fragile countries.

The IDA commitment to Nigeria amounted to $6.09bn.

Another member of the group, the International Fund for Agricultural Development, had a commitment of $94.80m in the country.

Similarly, at the same time, the AfDB commitment to the country stood at $946.52m, comprising loans from various internal bodies such as the African Development Bank ($350m) and African Development Fund ($596.53m).

By March 31, 2021, the Federal Government’s debt to the World Bank had risen to $11.51bn, reflecting a $5.32bn or 86 percent increase.

Source: Punch


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