A financial statement published by the World Bank has placed Nigeria as the third largest debtor to the Bank’s International Development Association (IDA) as of June 30, 2024.


According to the financial statement, Nigeria’s exposure to IDA rose to $16.5 billion as at June 30, which is an increase of $2.2 billion, or 14.4% over $14.3 billion recorded at the end of 2023.


IDA is a key arm of the World Bank which provides concessional loans and grants to the world’s poorest countries. The loans are designed to promote economic growth, reduce inequalities, and improve living conditions in developing nations, and are characterised by low interest rates and long tenors.

On top of the IDA debt list is Bangladesh with $20.5 billion, followed by Pakistan with $17.5 billion exposure.

Nigeria pushed India to the fourth spot with $15.9 billion after the country reduced its IDA exposure from $17.9 billion in 2023; while Ethiopia, Kenya and Vietnam followed with $12.2 billion, $12.0 billion, and $12.0 billion, respectively.

The three countries at the bottom of the list are Tanzania with $11.7 billion, Ghana $6.7 billion, and Uganda with $4.8 billion.

“As of June 30, 2024, the ten countries with the highest exposures accounted for 63% of IDA’s total exposure.

“Monitoring these exposures relative to the SBL requires consideration of the repayment profiles of existing loans, as well as disbursement profiles and projected new loans and guarantees,” the World Bank said. Recall that the Debt Management Office (DMO) reported that Nigeria’s total public debt increased to N121.67 trillion in the first quarter of 2024, compared to the N97 trillion recorded in December 2023.

According to DMO, the increase was primarily due to new domestic borrowing by the federal government to partly fund the deficit in the 2024 budget as well as disbursements by multilateral and bilateral lenders.

The debt office said total domestic debt was N65.65 trillion ($46.29 billion), while total external debt was N56.02 trillion ($42.12 billion).



© 2024 Vanguard Media Limited, Nigeria
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Interesting.

In yesteryears when d gods want to destroy a powerful warrior they hardened their heart, Tinubu no matter how occultic you are, you are not powerful than the 3

For some purpose I won't mention them

sùgbón tí èèyan bání òhun ò sè oògùn ìkà mò eni ma forî kó aasá koní jé

It remains only three things for that Sìgìdì to be ready and den you will be disgrace beyond your reputation and out of office

You were worn but you refused to heed.

Just after nine years APC has broken all records in the negative.

Ègbé ní fún Tilumpu àti àwòn Omo léhìn ee.

You may say what I typed does not corresponds with the topic, your opinion, though.

SEYI SEYI , your Father Laps

Im sure you are pushing this news to discredit APC and current government.


The truth is majority of the loan were taken during PDP years but never repay a dime thereby accumulating interest.

World bank record show 69 of Nigerian loan were taken during Obj and Yaradua era.

Also understand that apart from interest on these loans, naira devaluation make it appear huge today because they are in dollar

Loans with nothing to show for it except debt pillage, corrupt embezzlement, economic stagnation, deteriorating widespread insecurity and a failed state. Chai! What a pathetic story! The situation has become unbearable that is why Nigerians are protesting.

Nigerians have chosen protest as a means of survival then no one can stop them from protesting as it is their fundamental right to do so. He asked for more time. Time to do what? What policies have the govt made that have been beneficial to Nigerians - a government that failed from day one in removing subsidies and floating the Naira without any preparation?

Neither have it shown remorse by recklessly increasing taxes, borrowing and spending, buying SUVs while the citizens bear the brunt of a hopeless economy. Nigerians can not continue to fold their arms & allow bad government to continue to kill them.

Imagine the staggering monies he has borrowed & still borrowing since last year, yet things are getting worse as cost of living continues to rise. The truth is that the Nigerian political structure is flawed as it doesn’t foster unity. Nigeria’s institutions have been weakened and compromised by those who seek to undermine democracy.

Tinubu can not succeed because of the corrupt and nepotistic structures of his govt. Those who believe that he has any plan on how to salvage Nigeria’s economy are only wasting their time. The government is only good at taxing Nigerians, borrowing to loot & pushing propaganda to divide the masses.

Tinubu can not and will not change the status quo that brought him to power. So let Tinubu and those in government find a lasting solution to the problems affecting Nigerians or resign if they don’t know what to do. The political class should always remember that No force on earth has ever successfully oppressed a set of people permanently.

Nigerians are already dying over harsh economic conditions, and many more will perish before 2027 if nothing done to avert the total break down of order and collapse of Nigeria’s economy.