Nigeria debt to the World Bank and the African Development Bank has risen by 98.48% between June 2015 and March 2021.
Data from the Debt Management Offices shows that the country’s liabilities to the financial institution rose from $7.14bn in June 2015 to $14.25bn in March this year.
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 specialises 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 per cent increase.
This debt portfolio included loans of $11.10bn and $410.23m from the International Development Association and International Bank for Reconstruction and Development respectively.
With a commitment of $11.51bn, the World Bank is responsible for 35.02 per cent of Nigeria’s foreign portfolio of $32.86bn as of March 31.
At the same period, the Federal Government acquired $1.59bn from the AfDB, $0.21m from Africa Growing Together Fund and $942.51m from ADF.
This brought the AfDB’s commitment to the country to $2.74bn, representing 8.3 per cent of the country’s total external debt.
Most of the loans from the World Bank and the AfDB are said to be tied to a programme or infrastructure project.