Nigeria, Three Other Countries Listed As Top Debtors By World Bank

Nigeria's President, Muhammadu Buhari

Nigeria made it to the list of countries in the World Bank’s top 10 International Development Association borrowers’ list.

VANTAGE NEWS reports that the World Bank Fiscal Year 2022 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fourth in the list, with $13bn IDA debt stock as of June 30, 2022.

Recall that the released World Bank Fiscal Year 2021 audited financial statements for IDA showed that Nigeria was fifth on the list with $11.7bn IDA debt stock as of June 30, 2021.

This means that Nigeria accumulated about $1.3bn IDA debt within a fiscal year, with the country taking over the fourth top debtor position from Vietnam.

Nite that the debt is different from the outstanding loan of $486m from World Bank’s International Bank for Reconstruction and Development.

Nigeria was the only country among the top five countries on the list that failed to reduce their IDA debt stock.

The figures show that India, which is still the first on the list reduced its IDA debt stock from $22bn in the previous fiscal year to $19.7bn, followed by Bangladesh from $18.1bn to $18bn.

Bangladesh is followed by Pakistan which cut its debt from $16.4bn to $15.8bn, and lastly, Vietnam, which went down the list to fifth position, from $14.1bn to $12.9bn.

VANTAGE NEWS reports that Nigeria has the highest IDA debt in Africa.

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