Full List: Nigeria Ranks Fourth on World Bank’s Borrowers’ List With $14.3 Billion Debt
- Nigeria ranks fourth in the list of top World Bank borrowers with $14.3 billion in debt
- Also, the country is among the top 10 countries that have obtained fresh loans from the bank this year
- Nigeria is reportedly in talks with the bank for a fresh $1.5 billion budget support loan
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Nigeria is ranked fourth on the World Bank’s top 10 International Development Association (IDA) borrowers list.
The country recently moved up from the fifth position in the 2022 fiscal year.
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Nigeria negotiating another $1.5 billion budget support loan with World Bank
Despite its new ranking, Nigeria has borrowed about $1.3 billion in debt within one year. It is in talks for another $1.5 billion budget support loan, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
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The government also said it would issue a new Medium-Term Expenditure Framework later in the month.
Edun and President Bola Tinubu insisted a few months ago that the Nigerian government will do less borrowing and focus on internal sources for revenue mobilization to fund the budget and other economic growth agenda.
The report is contained in the bank’s Fiscal Year 2022 audited financial statement, showing Nigeria moved up the ladder to the fourth position on the list with $13 billion IDA debt stock as of June 30, 2023.
Nigeria has borrowed $14.3 billion from World Bank
According to reports, the bank’s financial statement showed that Nigeria owed about $14.3 billion in IDA debt as of June 30, 2023, but remained in fourth place.
Bangladesh is top on the list with $19.3 billion after overtaking India, which has $17.9 billion in IDA debt but dropped to second place.
Pakistan is third on the list from the last fiscal year, with a debt of $16.9 billion.
Asian countries top on the list of highest World Bank borrowers
The bank’s audited financials also showed that Nigeria has the highest IDA debt in Africa, while the top debtors are Bangladesh, India, and Pakistan, all Asian countries.
In the 2023 World Bank Annual Report, Nigeria ranked among the top 10 countries that received fresh IDA loans this year.
The report reveals that the bank committed about $1.55 billion to Nigeria in the 2023 fiscal year, ranking as the ninth-highest beneficiary of IDA loans.
"You've revenue problem": Despite N87 trillion debt stock, IMF says Nigeria not in debt distress
Legit.ng reported that despite Nigeria's debilitating N87 trillion debt profile, the International Monetary Fund (IMF) has said that Africa's largest economy is not in debt distress.
The IMF said this on Friday, October 13, 2023, at the ongoing IMF/World Bank Conference in Marrakesh, Morocco.
According to the Debt Management Office (DMO), a BusinessDay report says that Nigeria's public debt hit N87 trillion in June 2023 and is estimated to cross 37% of GDP by the end of the year.
Source: Legit.ng
