NIGERIA NOW 4TH IN WORLD BANK DEBTORS’ LIST

Nigeria now ranks fourth in the World Bank’s top 10 International Development Association borrowers’ list, no thanks to rising debt.

Nigeria was ranked fifth in the World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, with $11.7 billion IDA debt stock as of June 30, 2021.

However, the newly disclosed World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth role on the list, with $13bn IDA debt stock as of June 30, 2022.

This shows that the country accrued about $1.3bn in IDA debt within a fiscal year to take over the fourth top debtor position from Vietnam.

By OSG Media.

Full story at Olori Supergal.