The World Bank Group Finances has revealed that the Federal Government of Nigeria is still repaying a total of $10.6 billion in loans taken out under former Presidents Olusegun Obasanjo, the late Umaru Musa Yaradua, and Goodluck Jonathan.
According to the Debt Management Office, Nigeria’s domestic and external debts stood at N121.67 trillion ($91.46 billion) as of March 31, 2024. The breakdown shows that domestic debt stood at N65.65 trillion ($46.29 billion), while external debt was N56.02 trillion ($42.12 billion).
A portion of the foreign debt includes $4.95 billion in loans obtained by the current administration during its first 12 months in office. Meanwhile, the Central Bank of Nigeria has indicated that a total of $15.55 billion was spent on debt servicing between 2019 and 2024.
The WBG Finances platform, an initiative of the World Bank Group Finance and Accounting, provides public financial data and portfolio information from across all WBG entities. According to the platform, the Federal Government is still repaying at least 69 different loans acquired between 2000 and 2014.
Some of the loans still being repaid include:
– Community Based Poverty Reduction Project, $60 million (2000)
– Second Primary Education Project, $55 million (2000)
– Economic Management Capacity Building Project, $20 million (2000)
– Small Town Water Supply and Sanitation Programme Pilot Project, $5 million (2000)
– Transmission Development Project, $100 million (2001)
– Privatisation Support Project, $114 million (2001)
– HIV/AIDS Programme Development, $90.3 million (2001)
The platform further categorizes the loans under the International Bank for Reconstruction and Development and the International Development Association, both of which are part of the World Bank.
Note: The loan list does not include Trust Funds, Financial Intermediary Funds Commitments, loans to the International Finance Corporation, nor IBRD/IDA guarantees.
