The total debt owed to the World Bank Group by Nigeria rose by $1.3bn in one year to $9.81bn as of September 2019, latest data from the Debt Management Office showed on Wednesday. The International Bank for Reconstruction and Development and the International Development Association, which make up the World Bank, have over the years advanced loans to Nigeria. The IBRD lends to governments of middle-income and creditworthy low-income countries while the IDA provides concessionary loans – called credits – and grants to governments of the poorest countries. Nigeria’s debt to the IDA and IBRD stood at $9.41bn and N409.51m as of September 30, 2019, compared to $8.39bn and $124m in September 30, 2018, according to the DMO data. The total amount of loans approved by the World Bank for Nigeria had reached $24.68bn, data obtained from the multinational development bank showed. As of December 31, 2019, Nigeria had secured $7.14bn loans from the IBRD and $17.54bn loans from the IDA, according to ...
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