Nigeria is said to rank the 5th highest borrower country from the World Bank Group.
It is also the among the 10 highest debt risk exposure countries globally.
The information is contained in a recent report which is the Fiscal Year (FY21) financial statement of the International Development Association (IDA), a subsidiary of the World Bank.
Nigeria’s debt portfolio with the international financial institution currently stands at $11.7 billion (N4.816 trillion)
The report lists the borrower countries in order of ranking as:
- India: $22 billion
- Bangladesh: $18.1 billion
- Pakistan: $16.4 billion
- Vietnam: $14.1 billion
- Nigeria: 11.7 billion
African Countries next to Nigeria:
- Ethiopia: $11.2 billion
- Kenya:$10.2 billion
- Tanzania: $8.3 billion
- $Ghana: $5.6 billion
- $Uganda: $4.4 billion
The World Bank report states that, “As of June 30, 2021, the 10 countries with the highest exposure accounted for 66% of IDA’s total exposure.”
The report also states that $19.5 billion loans would be disbursed to Nigeria. This is includes #1.46 billion loan approved but not yet signed, $6.61 billion signed loan commitment and $11.4 billion outstanding loan.
On its part, the Federal Government has condemned reports classifying Nigeria as a high debt risk nation.
The DMO insists that the publications misrepresented the World Bank’s assessment report of the International Development Association audited financial statement for 2021.
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects
Read also:
Poor Funding Makes Aso Rock Not Function Effectively – PS
Borrower Country from World Bank