According to data from the Debt Management Office, Nigeria’s current debt with the World Bank has risen from $1.3 billion to $9.81 billion within a year.
The data was published on Wednesday 29th of January 2020.
According to the data, which was broken down by PUNCH, the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) have given loans to Nigeria over the year. The two bodies constitute the World Bank.
Middle-income countries get offers of loans from the IBRD while creditworthy low-income countries get concessionary loans, also known as credits, and the poorest countries get grants, says PUNCH.
According to data from the DMO, as of September 30, 2019, Nigeria owes the IDA and IBRD $9.41 billion and N409.51m, versus the $8.39 billion and $124 million owed on September 30, 2018.
The report contained in data from the development bank revealed that the World Bank had approved a total of $24.68 billion to date.
Nigeria had already secured loans of $7.14 billion from the IBRN and $17.54 billion from the IDA as of December 31, 2019, data from the World Bank showed.
$1.77 billion was canceled by IDA and $971.04m was canceled by the IBRD out of the approved loans.
The data further revealed that the total amount of $16.89 billion had been disbursed to Nigerian, where $5.72 billion was from the IBRD while $11.17 billion was from the IDA.
Nigeria has successfully paid back the sum of $6.45 billion of those loans, where $5.29 billion was paid to the IBRD and $1.16 billion was paid to the IDA.