Glamtush
No Result
View All Result
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events
No Result
View All Result
Glamtush
No Result
View All Result
Home News

Nigeria Becomes World Bank’s IDA Third-Largest Debtor, Owes $16.5bn

byGLAMTUSH
September 4, 2024
in News, Nigeria News
Reading Time: 2 mins read
Nigeria
Share on FacebookShare on TwitterShare on PinterestShare on WhatsappShare on LinkedinShare on Telegram

Nigeria has become the third-largest debtor to the World Bank’s International Development Association as of June 30, 2024, surpassing its previous position as the fourth-largest borrower.

A $2.2 billion rise in the country’s debt underscores a major shift in the nation’s financial dynamics under President Bola Tinubu’s administration.

This $2.2bn increase marks Nigeria’s first appearance among the top three IDA debtors, up from its previous position as the fourth-largest borrower in 2023.

READ ALSO

I Never Received ₦4bn Monthly From NDDC – Amaechi’s Wife Replies Wike

Air Peace To Commence Abuja-Heathrow Flights

During the fiscal year from July 2023 to June 2024, Nigeria received at least $2.2bn in new loans from the IDA under the administration of President Bola Tinubu.

This borrowing does not include any outstanding loans from the World Bank’s International Bank for Reconstruction and Development, which is separate from the IDA.

Bangladesh remains the largest IDA debtor, with its exposure increasing from $19.3bn in 2023 to $20.5bn in 2024. Pakistan continues to hold the second position with a stable exposure of $17.9 billion.

India, which was the third-largest borrower in 2023 with $17.9bn, saw its IDA exposure decrease to $15.9bn in 2024, allowing Nigeria to overtake it.

 

READ ALSO: VIDEO: Primate Ayodele’s Prophecy Fulfilled As NNPC Increases Fuel Price To N897/Litre 

 

Other significant IDA borrowers include Ethiopia, whose exposure grew from $11.6bn in 2023 to $12.2bn in 2024, and Kenya and Vietnam, both with $12.0bn in exposure this year.

These nations, along with Tanzania, Ghana, and Uganda, round out the top ten IDA debtors, collectively accounting for 63 per cent of the IDA’s total exposure as of June 30, 2024.

Meanwhile, the Central Bank of Nigeria’s international payment portal has revealed that the Tinubu administration spent $5.39bn on debt servicing out of a total of $9.1bn in international payments made between June 2023 and July 2024. This represents 59 per cent of the total international payments made during this period.

The data indicates that a significant portion of the country’s international payments has been dedicated to debt servicing, raising concerns about the sustainability of Nigeria’s debt profile. The highest debt servicing payment was made in May 2024, amounting to $854.36m, while the lowest payment occurred in June 2024, at $50.82m.

The total internal payments made by the CBN for international obligations during the same period showed a steady increase, with the highest payment recorded in May 2024 at $1.24bn.

 

 

Punch

 

Related Posts

NDDC
News

I Never Received ₦4bn Monthly From NDDC – Amaechi’s Wife Replies Wike

July 22, 2025
Abuja-Heathrow
News

Air Peace To Commence Abuja-Heathrow Flights

July 21, 2025
Citizenship
News

Presidential Aide Slams UK Opposition Leader Badenoch Over ‘False’ Citizenship Claim

July 21, 2025
UNIMAID
Education

UNIMAID Alumni, Students Reject Plans To Rename University After Buhari

July 20, 2025
Sleeping Prince
News

Saudi Arabia’s ‘Sleeping Prince’ Dies After 20 Years In Coma

July 20, 2025
Coldplay Concert
News

Tech CEO Resigns After Viral Coldplay Concert Video With HR Officer

July 20, 2025
Next Post
My Spotify

Spotify Launches "My Spotify" Campaign In Nigeria

LATEST COVER

Priscilla Ojo

GPBN Associates Member

Fidelity Bank

Zenith Bank

WAFCON

Super Falcons Beat South Africa 2-1 To qualify For WAFCON Final

July 22, 2025
Anto Lecky

BBNaija’s Anto Lecky Appointed Edo State SSA For Tourism & Creative Economy

July 22, 2025
President Samia Suluhu Hassan

Access Bank Tanzania Honours  President Samia Suluhu Hassan For Exceptional Leadership

July 22, 2025
NDDC

I Never Received ₦4bn Monthly From NDDC – Amaechi’s Wife Replies Wike

July 22, 2025
Polaris Bank

2025 Maracana Children’s Fest: Polaris Bank Empowers, Impact Over 3000 Youths In Ajegunle Community And Environs

July 22, 2025
Abuja-Heathrow

Air Peace To Commence Abuja-Heathrow Flights

July 21, 2025
Osimhen

Osimhen Set For Galatasaray Medical To Finalize €75m Move

July 21, 2025
Citizenship

Presidential Aide Slams UK Opposition Leader Badenoch Over ‘False’ Citizenship Claim

July 21, 2025
ExxonMobil

ExxonMobil Nigeria Appoints Jagir Baxi As Chairman/Managing Director

July 21, 2025
Fidelity Bank To Empower 100 SMEs

Fidelity Bank To Empower 100 SMEs Across Nigeria With Digital Tools

July 21, 2025

GLAMTUSH

 

Glamtush publishes the latest trends in fashion, beauty, and lifestyle, as well as those making the fashion world interesting and adorable.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us

REACH OUT

Do you have any news for us? Event Coverage, Press Releases or Adverts? Then reach out to us via glamtush@gmail.com or glamtush15@gmail.com

OFFICE ADDRESS

Lagos, Nigeria

Copyright © 2022 Glamtush

  • About Us
  • Advertise
  • Contact Us
  • Disclaimer
  • Glamtush – Nigeria News, Nigerian Newspapers, Naija News
  • Glamtush – Nigeria News, Nigerian Newspapers, Naija News
  • Terms And Conditions
  • Write for Us

© 2022 Glamtush

No Result
View All Result
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events

© 2022 Glamtush