Nigeria’s borrowing from the World Bank has risen by 121.46 per cent under the regime of the President, Major General Muhammadu Buhari (retd.), findings by The PUNCH have shown.
The PUNCH learnt that the total debt owed to the World Bank Group by Nigeria rose by $7.64bn (N3.52tn, using the exchange rate of the Central Bank of Nigeria, which was N460.53 per dollar as of April 23, 2023) in seven years.
Specifically, the country’s indebtedness to the Washington DC, United States-based lender rose from $6.29bn (N2.9tn) as of December 2015 to $13.93bn (N6.42tn) as of December 2022, according to data from the external debt stock reports by the Debt Management Office.
The International Development Association and the International Bank for Reconstruction and Development, which make up the World Bank, have over the years advanced loans to Nigeria.
The IBRD lends to governments of middle-income and creditworthy low-income countries, while the IDA provides…