The World Bank Group Finances has revealed that Nigeria is still repaying $10.6 billion in loans taken by previous administrations. These 69 loans were secured during the tenures of former Presidents Olusegun Obasanjo, the late Umaru Musa Yar’Adua, and Goodluck Jonathan.
According to the Debt Management Office (DMO), as of March 31, 2024, Nigeria’s total domestic and external debt stood at N121.67 trillion ($91.46 billion). Of this, domestic debt was N65.65 trillion ($46.29 billion), while external debt accounted for N56.02 trillion ($42.12 billion).
A portion of Nigeria’s current foreign debt includes $4.95 billion borrowed by President Bola Tinubu’s administration during its first year in office. Additionally, the Central Bank of Nigeria reported that $15.55 billion was spent on debt servicing between 2019 and 2024.
The World Bank Group Finance and Accounting’s digital platform, WBG Finances, which offers public access to financial and portfolio data, revealed that the Nigerian government continues to repay at least 69 loans obtained between 2000 and 2014.
Among the ongoing repayments are loans such as the Community-Based Poverty Reduction Project ($60 million), the Second Primary Education Project ($55 million), the Economic Management Capacity Building Project ($20 million), and the Small Town Water Supply and Sanitation Programme Pilot Project ($5 million), all obtained in 2000.
In 2001, the government secured loans including the Transmission Development Project ($100 million), the Privatisation Support Project ($114 million), and the HIV/AIDS Programme Development Project ($90.3 million).
By 2002, four loans totaling $438 million were obtained, including the Second Health System Development Project ($127 million), the Community-Based Urban Development Project ($110 million), the Lagos Urban Transport Project ($100 million), and the Universal Basic Education Project ($101 million). Between 2003 and 2005, the government secured an additional $1.1 billion in World Bank loans, which are still being repaid.
Notable among these are the Local Empowerment and Environmental Management Project ($70 million), the Second FADAMA Development Project ($100 million), the Micro, Small and Medium Enterprises Project ($32 million), the Federal Government Economic Reform and Governance Project ($140 million), and the Sustainable Management of Mineral Resources Project ($120 million).
Between 2006 and 2010, the government borrowed $4 billion, and between 2011 and 2014, an additional $4.3 billion, all of which remain outstanding as of June 30, 2024. Among these loans are the Lagos Metropolitan Development and Governance Project ($200 million), the Avian Influenza Control and Human Pandemic Preparedness and Response Project ($50 million), and the Malaria Control Booster Project ($180 million), all acquired in 2006.
The loans are categorized under the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), both of which are components of the World Bank. The IBRD provides loans to middle-income and creditworthy low-income countries, while the IDA offers interest-free loans and grants to the world’s poorest nations.
However, the list does not include Trust Funds, Financial Intermediary Funds (FIFs) Commitments, loans to the International Finance Corporation (IFC), or IBRD/IDA guarantees.
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