In case you don’t know, Nigeria’s debt burden to the World Bank is consistently pilling up like it is in a competition with a mountain.
Nigeria, with an overwhelmingly increasing debt profile incurred an increased total public debt stock of 14.46% between 2022 and 2023, which puts her debt at ₦46.25 trillion.
Most of those monies are for expenditure.
According to data obtained from the Washington-based bank, Nigeria’s borrowing from the World Bank reached $14.34 billion as of March 31, 2023.
Debt Management Office (DMO) described this as an increment from the $13.93 billion debt recorded as of December 31, 2022.
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As of now, Nigeria has acquired a total of $7.49 billion from the International Bank for Reconstruction and Development (IBRD) and $26.17 billion from International Development Association (IDA).
This means that a total of $33.66 billion has been borrowed from the World Bank since borrowing began.
It was also observed that about $7.29 billion had been repaid on the loans, with $7.86bn yet to be disbursed by the bank.
The data also showed that about $3.28bn approved loans were further cancelled.
This means that fresh disbursements on approved loans added $410 million to Nigeria’s debt from the World Bank in the first quarter of 2023.
The data obtained also showed that Nigeria had a debt of $488.66m from the IBRD and $13.85 billion from IDA as of March 31, 2023.
