Nigeria’s borrowing from the World Bank has reached $14.34 billion as of March 31, 2023. This is up from its $13.93 billion debt recorded by the Debt Management Office as of December 31, 2022.
This means that new spending on approved loans increased Nigeria’s debt to the World Bank by $410 million in the first quarter of 2023.
As of March 31, 2023, Nigeria owed her $488.66 million in debt, according to data obtained by the Washington-based bank, according to the World Bank. By providing access to IDA financing, the government is aggressively reducing debt service costs.
IBRD provides loans to middle-income and creditworthy low-income governments, while IDA provides concessional loans (called loans) and grants to governments of the poorest countries.
“The DMO said it was a plus for Nigeria to be eligible for such loans. Borrowing from IDA will be in line with Nigeria’s Medium-Term Debt Management Strategy (2020-2023), it added.