Nigeria sinks deeper in debt, gets $13.63bn IDA, IBRD facilities

Nigeria has got a total of $13.63 billion in loans and grants from the World Bank from $21.44 billion that had been approved by the bank’s Board of Directors as at March 31, National Daily findings has revealed.

The latest loan accessed by Nigeria was the $490 million from the international Development Association, IDA, in the first quarter of 2017.

The total approval is made up of World Bank Group’s window for concessional lending to less developed countries, International Development Association credit of $11.65bn and International Bank for Reconstruction and Development’s loan of $7.14bn, the group’s window for lending at commercial rates.

As of March 31, 2007, the total approval for Nigeria stood at $9.55bn; total disbursement stood at $6.98bn; undisbursed loans were $1.56bn; while borrowers’ obligation stood at $2.14bn.

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The World Bank also indicated that Nigeria had $5.94bn that had not been disbursed. It defined undisbursed credit as the amount of the loan/credit/grant, calculated in United States dollars equivalent on the date of the summary that was still available to be drawn down.

This means that Nigeria has a total of $5.94bn already approved by the World Bank that is waiting to be drawn down. Some conditions are usually fulfilled before the bank allows a drawdown on already approved loans. Such conditions usually include milestones reached with already approved and drawn down facilities.

With a total of $6.16bn of the total loans already repaid by the country, the World Bank put Nigeria’s current obligation to it at $6.79bn. A total of $16,826,750.56 was repaid to third parties.

The bank defined borrower obligation as the outstanding balance for a loan as of the end of a period in US dollars equivalent. The borrower’s obligation includes the amounts outstanding due to third parties.