Author: Phlippages
Nigeria has gone up on the World Bank’s list of the top ten International Development Association borrowers.
According to the newly released World Bank Fiscal Year 2022 audited financial statements for IDA, Nigeria has risen to fourth place, with $13 billion in IDA debt stock as of June 30, 2022.
The PUNCH reports that Nigeria was ranked fifth in the World Bank’s Fiscal Year 2021 audited financial statements, known as the IDA financial statement, with $11.7 billion in IDA debt stock as of June 30, 2021.
The new data shows that Nigeria’s IDA debt stock approximately rose by $1.3 billion in a fiscal year, rising above Vietnam to become the fourth largest debtor.
This debt is distinct from the $486 million loan from the World Bank’s International Bank for Reconstruction and Development.
Except for Nigeria, the top five countries on the list reduced their IDA debt stock slightly.
India, which is at the top of the debtors’ list, reduced its IDA debt stock from $22 billion in the previous fiscal year to $19.7 billion.
This is followed by Bangladesh, which reduced its IDA debt stock from $18.1 billion to $18 billion.
The economic profile under President Muhammadu Buhari on all fronts does not look good for Nigeria.
