Nigeria’s loans from the World Bank and the African Development Bank rose from $7.14bn to $14.25bn between June 30, 2015 and March 31, 2021, according to a new report.
According to data obtained from the Debt Management Office, Nigeria’s commitment to the banks rose by $7.11bn from 2015 to 2021, an increase of 98.48 per cent.
The data shows that as of June 30, 2015, the Federal Government had borrowed a total sum of $6.19bn from the World Bank.
A breakdown of the world bank’s loans to the Nigeria 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 World Bank group, the International Fund for Agricultural Development, had a commitment of $94.80m in the country
Also, the AfDB commitment to Nigeria 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.
The debt 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, 2021.
During the the same period, the Federal Government acquired $1.59bn from the AfDB, $0.21m from Africa Growing Together Fund and $942.51m from ADF.
As of now the AfDB’s commitment to the country is $2.74bn, representing 8.3 per cent of the country’s total external debt.
The data break down also shows that Nigeria is currently indebted to the following agencies: Export Import Bank of China, with a portfolio of $3.40bn; the Exim Bank of India, with a portfolio of $34.95m; the Agence Française de Développement, with a portfolio of $486.6m; the Japan International Cooperation Agency, with a portfolio of $74.6m; and Germany, with a portfolio of $183.7m.