Nigeria still repaying $10.6bn in loans from past government administrations – World Bank

The World Bank Finances has revealed that Nigeria is still repaying $10.6 billion in loans taken out during the presidencies of Obasanjo, Yar’Adua, and Jonathan. The Debt Management Office reported that as of March 31, 2024, Nigeria’s total debt was N121.67 trillion ($91.46 billion), including N56.02 trillion ($42.12 billion) in external debt.

The Central Bank of Nigeria disclosed that $15.55 billion was spent on debt servicing between 2019 and 2024. The World Bank Group Finances platform shows that Nigeria is repaying at least 69 loans from 2000 to 2014, including projects in health, education, and infrastructure.

The loans fall under the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which offer different types of financial support. The list excludes Trust Funds, Financial Intermediary Funds, and other related loans.