Nigeria Owes A Debt Of $9.81b To World Bank

See the source image

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 the World Bank data.

The IBRD and IDA cancelled $971.04m and $1.77bn respectively of the approved loans.

The data showed that a total of $16.89bn had been disbursed to the country, with $5.72bn from the IBRD and $11.17bn from the IDA.

The country had repaid a total of $6.45bn to both institutions ($5.29bn to the IBRD and $1.16bn to the IDA).

The loans, many of which are still being disbursed, were approved for 177 projects in the country, with the first loan secured in 1947.

In November 2019, $75m was approved for the Second Africa Higher Education Centres of Excellence for Development Impact project.

In 2018, $27.4m was approved for the North Core/Dorsale Nord Regional Power Interconnector Project; $125m for the Fiscal Governance and Institutions Project; $225m for the Nigeria-Accelerating Nutrition Results;$150m for the Polio Eradication Support Project; and $100m for Nigeria for Women Project.

Comments

937 People Killed In Attacks In Kaduna In 2020

At least 937 people died in violent attacks and mass atrocities in Kaduna State last year, an annual security report by the state government has shown. The report released Wednesday attributed the deaths to kidnappings, banditry and other criminal activities that cut “across all ethnic and religious groups” in Kaduna State. “Victims of criminal acts like banditry and kidnapping are to be found across ethnic, religious or political leanings and persuasions,’’ Samuel Aruwan, the state’s commissioner for internal security and home affairs, said while presenting the report. In his presentation, Mr Aruwan said that of the 937 killed, Igabi Local Government Area recorded the highest number of casualties (152), followed by Kajuru Local Government Area with 144 casualties. He added that Birnin Gwari, Igabi, Giwa and Chikun local governments in Kaduna central accounted for about 50 per cent (or 468 deaths) of the entire fatalities in the state. Meanwhile, 286 died in Kaduna South from the viole...

Buhari Refuses To Act On Magu’s Probe Report Five Months After Submission.

President muhammedu Buhari Refuses To Act On Magu’s Probe Report Five Months After Submission One of Magu’s lawyers, Tosin Ojaomo, said Magu remained in the service of the Nigeria Police Force though the police has yet to post him anywhere after his suspension as EFCC chairman. Ibrahim Magu’s fate remains uncertain five months after the submission of the report of the Justice Ayo Salami Judicial Panel of Inquiry on the former acting chairman of the Economic and Financial Crimes Commission to President Muhammadu Buhari. There have been concerns about the fate of Magu after the appointment and confirmation of Abdulrasheed Bawa as the new Executive Chairman of EFCC in February. Although sources in the office of the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), said the panel faulted some procedures in the management of recovered assets under Magu, the presidential white paper on the report had yet to be announced. One of Magu’s lawyers, Tosin Ojaomo, s...

$114.28m COVID-19 loan: SERAP asks World Bank to make Nigeria ‘publicly commit to transparency’

Socio-Economic Rights and Accountability Project, (SERAP) has sent an open letter to the World Bank President Mr David Malpass, urging him to use his “good offices to encourage the Federal Government and 36 state governments to publicly commit to transparency and accountability in the spending of the $114.28m credit and grant for COVID-19, which the Bank’s Board of Directors recently approved for Nigeria, including by publishing details on a dedicated websit". SERAP also urged Mr Malpass to “put pressure on authorities and the 36 state governors to accept voluntary scrutiny by Nigerians and civil society regarding the spending of the funds and use of the resources, including on how they will spend the money to buy medical equipment, and improve access to clean water, sanitation and hygiene" The World Bank Board of Directors last Friday approved a $114.28 financing “to help Nigeria prevent, detect and respond to the threat posed by COVID-19 with a specific focus on state level...

ExtMedia

Search This Blog