Nigeria’s Debt To World Bank Rose By $1.3bn In One Year

Nigeria’s indebtedness to the World Bank Group rose by $1 .3 billion in one year, making the country’s total indebtedness to the institution $ 9 .81 bn as of September 2019.

This was according to the latest data  from the Debt Management Office (DMO).

The report showed that  the country’s debt to the International Bank for Reconstruction and Development (IBRD) and the International Development Association(IDA), which make up the World Bank, stood at $9 . 41 bn and N 409 .51 m as of September 30 , 2019 , compared to $ 8 . 39 bn and $124 m in September 30 , 2018.

The IBRD lends to governments of middle – income and creditworthy low – income countries while the IDA provides concessionary loans – called credits – and grants to governments of the poorest countries.

The loans with  many still being disbursed , were approved for 177 projects in the country, with the first loan secured in 1947 .

Meanwhile, data from the bank shows that the total amount of loans approved for Nigeria had reached $ 24 . 68 bn.

The bank further noted that the country had taken $7.14 billion loans from the IBRD and $ 17 .54 bn loans from the IDA , as of  December 31 , 2019.

However Nigeria had only been able to make a repayment in a  total of $6 . 45 bn to both institutions ( $5 . 29 bn to the IBRD and $ 1 .16 bn to the IDA) .