Nigeria has climbed to third place among the World Bank’s International Development Association (IDA) debtors, with its debt rising by $2.2 billion from $14.3 billion in 2023 to $16.5 billion in 2024. This 14% increase occurred between July 2023 and June 2024 during President Bola Tinubu’s administration.
For the first time, Nigeria has overtaken India, whose debt to the IDA dropped to $15.9 billion in 2024. Bangladesh remains the top IDA debtor with $20.5 billion, followed by Pakistan at $17.9 billion. Other notable debtors include Ethiopia, Kenya, and Vietnam.
The IDA, a branch of the World Bank, offers low-interest loans and grants to poor countries to foster economic growth. Nigeria secured $4.95 billion in loans under Tinubu, though only 16% of these funds have been accessed so far. The World Bank is also expected to approve additional loans totaling $2 billion for Nigeria this year.
According to the Debt Management Office, Nigeria’s public debt stood at approximately N97 trillion as of December 2023. By March 31, 2024, Nigeria owed the World Bank a total of $15.59 billion, separate from other obligations such as those to the International Bank for Reconstruction and Development (IBRD).
