world bank Disburses $7.24bn to Nigeria in Five Years

• World Bank Disburses $7.24bn to Nigeria in Five Years

The World Bank says it has disbursed a total of $7.24bn to Nigeria from 2012 to date.

Statistics obtained from the bank’s web portal on Wednesday also showed that its current portfolio in Nigeria stood at $8.26bn as of July.

However, a total of $4.69bn, which has been approved for the country, has yet to be disbursed. The bank disburses approved loans in accordance with agreed milestones.

According to the statistics, the bank gave the country a total of $1.37bn in 2012 and $1.02bn in 2013. The bank gave Nigeria $2.02bn in 2014; $1.75bn in 2015; and $1.08bn so far in 2016.

The total loan portfolio is made up of concessional loans from the International Development Association and commercial loans from the International Bank for Reconstruction and Development. The IDA and IBRD are members of the World Bank Group.

The undisbursed loan is made up of $4.2bn from the IDA and $496.2m from the IBRD.

The bank also reported that Nigeria, as a member of the organisation, had contributed a total of $41.7m to its coffers since 1999.

The contribution is made up of $50,000 contributed to the IBRD in 2006; $619,954 in 2007; $494,954 in 2009; and $359,959 in 2010.

The contributions to the IDA were $5,400,200 made in 1999; $5,088,493.26 in 2001; $9,080,914 in 2002; $1,439,700 in 2004; $9,963,296.25 in 2010; and $8,756,118.88 in 2011.

The Debt Management Office disclosed in its 2015 Annual Report and Statement of Accounts that the Federal Government signed loan agreements amounting to $3.05bn with the World Bank and other multilateral and bilateral organisations last year.

According to the report, the agreements include $500m with the IBRD for the Development Finance Project; and $200m loan with the African Development Bank for the Urban Water Sector Reform in Port Harcourt, Rivers State.

Another of the projects is the water supply and sanitation project and $400m loan agreement with AfDB to assist in financing of the development of the finance institution, Development Bank of Nigeria Plc.

The loans include another $400m agreement with African Development Fund to assist in financing of the Development Bank of Nigeria Plc; $200m agreement with the IDA for additional financing of the Polio Eradication Support Project; and the 70m IDA financing agreement for the African Higher Education Centres of Excellence Project.

Others are the $140m IDA financing agreement for Additional Financing for Community and Social Development Project; $100m AFD agreement for the Lagos Integrated Urban Development Project; and $33.17m loan agreement with the AFD for the Ogun State Urban Water Supply Project.

Also included are the $70m agreement with the IDA for the African Higher Education Centre of Excellence Project; $140m agreement with the IDA/World Bank for additional finance for the Community and Social Development Project; $500m agreement with the IDA for the Saving One Million Lives project; $200m agreement with the IDA for the Polio Eradication Support Project; and $100m agreement with the IDA for the Nigerian Partnership for Education Project.

Before a state government can access any external loan, the deal needs to be guaranteed by the Federal Government.