Nigeria Ranks Fourth on World Bank’s List of IDA Borrowers with $14.3 Billion Debt

In a recent report from the World Bank, Nigeria has been ranked fourth among the top International Development Association (IDA) borrowers with a debt of $14.3 billion. This information was disclosed in the World Bank’s Fiscal Year 2022 audited financial statement, indicating a significant increase from the $13 billion IDA debt stock Nigeria had as of June 30, 2022.

While maintaining its fourth position, Nigeria has accumulated approximately $1.3 billion in debt within a year. As of June 30, 2023, the World Bank’s Fiscal Year 2023 audited financial statement confirmed that Nigeria’s IDA debt stock stood at $14.3 billion.

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This shift in rankings has seen Bangladesh rise to become the largest IDA debtor, surpassing India, which now holds second place with a debt of $17.9 billion. Pakistan retains its third-place ranking from the previous fiscal year, with a debt of $16.9 billion.

The World Bank’s audited statement for 2022 revealed that Nigeria carries the highest IDA debt in Africa. In contrast, the top three Asian borrowers include Bangladesh, India, and Pakistan.

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Additionally, the World Bank’s Fiscal Year 2023 Annual Report indicates that Nigeria is among the top ten countries that received new IDA loans this year. The bank allocated $1.55 billion to Nigeria in the fiscal year 2023, making the country the ninth-highest beneficiary of IDA loans.

It is crucial to monitor Nigeria’s debt situation and the utilization of these loans to ensure sustainable economic development and avoid falling into financial instability. For more details on this story, you can Source: Sahara Reporters.