List of Countries, Institutions Nigeria Is Owing and How Much as Tinubu Gets $500M Loan from World Bank
- President Bola Ahmed Tinubu has officially register his second foreign loan after the World Bank approved $500 million
- The fresh World Bank loan is targeted towards the needs and livelihoods of Nigerian women across the country
- The new loan has further increased Nigeria's external debt owed to different countries and financial institutions
The World Bank, on Monday, June 26, 2023, announced that it approved a fresh $500 million loan for Nigeria.
In a statement from the global bank, the move is to help improve the livelihood of women in Nigeria.
Source: Facebook
World bank loan details
As reported by The Punch, this fresh $500 million loan is the second approved by the World Bank under the new administration of President Bola Ahmed Tinubu.
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World Bank, said the approved loan is to scale-up financing for Nigeria for Women Programme, which was initially approved on June 27, 2018, with $100m financing.
A statement by the World Bank reads in part:
“The World Bank has approved $500m for Nigeria for Women Program Scale Up (NFWP-SU). The scale-up financing will further support the government of Nigeria to invest in improving the livelihoods of women in Nigeria.
“The NFWP-SU will help to ensure better economic opportunities for women, which is essential for addressing gender inequality; guaranteeing better education, health, and nutrition outcomes for families; and building women’s and communities’ resilience to climate change.”
Nigeria loan burden
The latest loan adds to Nigeria's total foreign debt stock, which, according to the Debt Management Office, stood at $42.67 billion as of the end of March 31, 2023.
A breakdown of Nigeria's external debt shows that $5.16 billion is owed to countries, classified as bilateral loans, representing 12.10 percent of the total foreign loan.
Multilateral debt is $20.65 billion, comprising loans from financial institutions such as the World Bank and the International Monetary Fund.
Commercial loans, including Eurobonds and Diaspora bond debt, amount to $15.61 billion.
Additionally, a syndicated loan arranged by AFC is worth $300 million, and promissory notes totaling $931.26 million.
Here is how much Nigeria owes countries as at March 2023
- China (Exim Bank of China): $4.34 billion
- France (Agence Francaise Development): $593.75 million
- Japan (Japan International Cooperation Agency): $62.02 million
- India (Exim Bank of India): $26.64 million
- Germany (Kreditanstalt Fur Wiederaufbau): $144.75 million
List of institutions Nigeria owes countries as at March 2023
World Bank Group:
- International Development Association: $13.84 billion
- International Bank for Reconstruction and Development: $488.35 million
African Development Bank Group:
- African Development Bank: $1.57 billion
- Africa Growing Together Fund: $19.97 million
- African Development Fund: $972.55 million
Other international financial institutions:
- International Monetary Fund: $3.30 billion
- Arab Bank for Economic Development in Africa: $5.34 million
- European Development Fund: $37.74 million
- Islamic Development Bank: $144.12 million
- International Fund for Agricultural Development: $272.30 million
Nigeria’s debt stock hits N82 trillion amid CBN's naira devaluation
Meanwhile, in another report, Legit.ng reported that Nigeria’s public debt has risen to N82 trillion from N77 trillion before the Central Bank of Nigeria (CBN) exchange rate unification, announced on Wednesday, June 14, 2023.
According to a press release by the CBN, all exchange rate windows are collapsed into the Importers and Exporters (I&E) window, showing a merger of the multiple exchange rates.
The unification has seen the naira fall to N664 per dollar and has attracted severe consequences for the nation’s economy, including a spike in public debt.
Source: Legit.ng
