With $14.3Billion Debt, Nigeria Ranked 4th On World Bank Borrowers’ List

With $14.3 billion in debt, Nigeria is rated fourth among the World Bank’s top ten International Development Association (IDA) borrowers.


This was revealed in a World Bank Fiscal Year 2022 audited financial statement, which stated that Nigeria had risen to fourth place on the list, with a $13 billion IDA debt stock as of June 30, 2022.


Despite maintaining fourth place, Nigeria has accrued around $1.3 billion in debt in just one year, according to Politics Nigeria.



However, according to the World Bank’s audited financial statement for Fiscal Year 2023, Nigeria owed around $14.3 billion in IDA debt stock as of June 30, 2023, but maintained its fourth position on the list.


Bangladesh surpassed India ($17.9 billion in debt), which slid to second place, to become the largest IDA debtor.


With a debt of $16.9 billion, Pakistan maintained its third-place status from the previous fiscal year.


According to the World Bank’s 2022 audited statement, Nigeria has the highest IDA debt in Africa, while Bangladesh, India, and Pakistan are the top three Asian borrowers.


Furthermore, according to the World Bank 2023 Annual Report, Nigeria was one of the top 10 recipients of new IDA loans this year.


According to the report, the bank will allocate $1.55 billion to Nigeria in fiscal year 2023, ranking the country ninth among recipients.

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