Nigeria is the fourth on the World Bank’s top 10 International Development Association (IDA) borrowers’ list, just one place up from its fifth position in the 2022 fiscal year.
With Nigeria maintainung the fourth position, the country has accumulated about $1.3 billion in debt within one year.
The World Bank in its Fiscal Year 2022 audited financial statement, says Nigeria moved to the fourth position on the list with $13bn IDA debt stock as of June 30, 2022.
The World Bank Fiscal Year 2023 audited financial statement also showed that Nigeria owed about $14.3bn IDA debt stock as of June 30, 2023, maintaining its fourth position on the list.
Bangladesh with $19.3 billion moved up the list to become the topmost IDA debtor, taking over from India ($ 17.9 billion debt), which fell to the second position.
Pakistan remained in the third position from the last fiscal year with a debt of $16.9bn.
The audited statement from World Bank also showed that Nigeria has the highest IDA debt in Africa, with the top three borrowers, Bangladesh, India, and Pakistan, from Asia.
The World Bank 2023 Annual Report also revealed that Nigeria was among the top 10 countries that acquired fresh IDA loans this year.
The report stated that the world bank committed $ 1.55 billion to Nigeria in the fiscal year of 2023, with the West African nation recognised as the ninth-highest beneficiary.
