The World Bank Group Finances has disclosed that the Federal Government is still repaying $10.6 billion in loans taken out under former Presidents Olusegun Obasanjo, the late Umaru Musa Yaradua, and Goodluck Jonathan.
It’s worth noting that in June 2024, the Debt Management Office reported that, as of March 31, 2024, Nigeria’s domestic and external debts amounted to N121.67 trillion, $91.46 billion.
According to The PUNCH, the breakdown shows that domestic debt stood at N65.65 trillion ($46.29 billion), while external debt was N56.02 trillion ($42.12 billion).
It was learned that a portion of the foreign debt includes $4.95 billion in loans obtained by the current administration during its first 12 months in office.
Meanwhile, the Central Bank of Nigeria has indicated that a total of $15.55 billion was spent on debt servicing between 2019 and 2024.
However, the WBG Finances, a digital platform, has revealed that the Federal Government is still repaying at least 69 different loans acquired between 2000 and 2014.
This platform, an initiative of the World Bank Group Finance and Accounting, provides public financial data and portfolio information from across all WBG entities.
The platform showed that part of the World Bank loans still being repaid include the Community Based Poverty Reduction Project, $60 million, Second Primary Education Project, $55 million, Economic Management Capacity Building Project, $20 million, and Small Town Water Supply and Sanitation Programme Pilot Project, $5 million, all obtained in 2000.
For 2001, loans still being repaid include the Transmission Development Project ($100 million), Privatisation Support Project ($114 million), and HIV/AIDS Programme Development ($90.3 million).
In 2002, the Federal Government took out four loans totaling $438 million, including the Second Health System Development ($127 million), the Community-Based Urban Development Project ($110 million), Lagos Urban Transport Project ($100 million), and the Universal Basic Education Project ($101 million).
Between 2003 and 2005, the government secured World Bank loans totaling $1.1 billion, all of which are still being repaid.
Some of these loans include the Local Empowerment and Environmental Management Project ($70 million), Second FADAMA Development Project ($100 million), Micro, Small and Medium Enterprises Project ($32 million), Federal Government Economic Reform and Governance Project ($140 million), and Sustainable Management of Mineral Resources ($120 million).
Similarly, loans amounting to $4 billion were obtained between 2006 and 2010, with an additional $4.3 billion secured between 2011 and 2014.
All these loans are still being repaid as of June 30, 2024, the date of the platform’s last update.
Among the loans obtained during this period are the Lagos Metropolitan Development and Governance, $200 million, Avian Influenza Control and Human Pandemic Preparedness and Response Project for Nigeria, $50 million, and Malaria Control Booster Project ($180 million, all secured in 2006.
The platform further categorizes the loans under the International Bank for Reconstruction and Development and the International Development Association both of which are part of the World Bank.
The IBRD extends loans to middle-income and creditworthy low-income countries, while the IDA provides interest-free loans – known as credits – and grants to the world’s poorest countries.
However, the platform clarifies that the loan list does not include Trust Funds, Financial Intermediary Funds Commitments, loans to the International Finance Corporation nor IBRD/IDA guarantees.
