Nigeria owes World Bank N3.96tn — Debt Office

Details emerging from the Debt Management Office have shown that Nigeria is presently indebted to the World Bank Group by $10.46bn (N3.965tn at the official rate of N379/$).

The sum presently represents the country’s highest external debt stock to a bilateral or multilateral financial institution.

According to PUNCH, an analysis of the country’s external debt stock as of June 30, 2020 showed that Nigeria’s indebtedness to the International Development Association and the International Bank for Reconstruction and Development were $10.05bn and $409.51m respectively.

The World Bank Group and the African Development Bank Group are two prominent multilateral institutions that lend to the nation.

Nigeria’s total indebtedness to the multilateral institutions during the period under review was put at $16.36bn, representing 51.97 per cent of the country’s total external debt stock.

The DMO put the country’s indebtedness to the AfDB Group at $5.896bn.

The external debts of Nigeria to African Development Bank, Africa Growing Together Fund and African Development Fund are $1.325bn, $140,000, and $921.91m respectively.

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