Nigeria, others spend $441bn on debt servicing – World Bank

PUNCH

Nigeria and other developing countries have spent about $441bn on debt-serving in the past 40 years, according to a new World Bank report.

The World Bank report also disclosed that Nigeria received $2.9b and topped the recipients of its fresh loans in 2022.

According to its International Debt Report for 2023, Nigeria was followed by Tanzania, which got $2.7bn in the same year.

The report, obtained by our correspondent on Thursday, read in part, “Nigeria and Tanzania were the top recipients of new financing from the World Bank in 2022, at US$2.9bn and US$2.7 billion, respectively.”

The PUNCH reports that the external debt stock report of the Debt Management Office showed that Nigeria owed the World Bank $14.51bn as of June 30, 2023.

In a statement announcing the latest publication, the World Bank warned that the poorest countries were at risk of debt crises due to the surge in global interest rates.