Nigeria Owes World Bank $8.67bn

• Nigeria Owes World Bank $8.67bn

Nigeria owes World Bank a total of $8.67 billion, an investigation has shown.

The International Development Association, one of the three arms of the World Bank, loaned Nigeria $8.55 billion of the total amount.

While credit from the International Bank for Reconstruction and Development, another branch of the bank, to the nation stood at $124.18 million.

The IDA is the branch of the bank through which it grants low-interest loans to developing nations, while the IBRD is the commercial arm that lends at commercial interest rates.

Statistics obtained from the Debt Management Office showed the World Bank’s loan portfolio in Nigeria increased from $6.67 billion in 2016 to $8.67 billion on December 31, 2018. Indicating that the bank’s portfolio in Nigeria rose by $2 billion or 29.98 per cent within two years.

The nation’s external debt stood at $25.27 billion as of December 31, 2018. However, with a portfolio of $8.67 billion, the World Bank is Nigeria’s single largest creditor.