Nigeria’s debt with World Bank soars

Nigeria’s debt to the World Bank soared from $8.51 billion (about N3.085 trillion) as of September 2018 to $9.81 billion (over N3.556 trillion) as at September 2019, the Debt Management Office (DMO) has said.

This represents a growth of $1.3 billion (N471.250 billion) or 15.3% in twelve months according to the latest data published by the DMO on Wednesday.

The loan facilities were granted to Nigeria over the years by two arms of the World Bank Group namely the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

The IDA had availed credit totalling $9.41 billion to Nigeria as of the end of September 2019 relative to the sum of $8.39 billion loan it had granted to the country in the corresponding period of 2018.

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On its part, the IBRD’s total exposure to Nigeria as of 30th September 2018 stood at $124 million compared to the $409.51 it had granted to the country as of 30th September 2019.

Headquartered in Washington D.C., the IBRD is an international financial institution that grants loans to middle-income developing economies.

The IDA, also headquartered in Washington, is responsible for providing loans and grants to the world’s poores countries.

The DMO had about two weeks ago said through its Director General, Patience Oniha, that Nigeria’s public debt as ot third quarter 2019 stood at N26.215 trillion, up from the N25.70 trillion posted in the corresponding periof of 2018.

According to the DMO, Nigeria’s debt to GDP ratio as of 30th September 2019 was 18.47%. Meanwhile, it said about N1.59 trillion would be sourced by government this year as new domestic borrowings.