The World Bank Group Finances has revealed that the Nigerian government is still repaying $10.6 billion in loans incurred during the administrations of former Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, and Goodluck Jonathan.
These loans, totaling 69, were taken out between 2000 and 2014.
According to the Debt Management Office (DMO), Nigeria’s total domestic and external debt reached N121.67 trillion ($91.46 billion) as of March 31, 2024. This includes domestic debt of N65.65 trillion ($46.29 billion) and external debt of N56.02 trillion ($42.12 billion). Additionally, $4.95 billion of the foreign debt was accrued during the first year of President Bola Tinubu’s administration.
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The Central Bank of Nigeria has reported that $15.55 billion was spent on debt servicing between 2019 and 2024.
The WBG Finances platform, a digital initiative from the World Bank Group Finance and Accounting, indicates that the Nigerian government continues to repay at least 69 loans taken out between 2000 and 2014. This platform provides public access to financial data and portfolio information from all World Bank Group entities.
Notable loans still being repaid include:
- 2000: 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).
- 2001: Transmission Development Project ($100 million), Privatisation Support Project ($114 million), and HIV/AIDS Programme Development ($90.3 million).
- 2002: Second Health System Development ($127 million), Community-Based Urban Development Project ($110 million), Lagos Urban Transport Project ($100 million), and Universal Basic Education Project ($101 million).
- 2003-2005: 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).
- 2006-2010: Lagos Metropolitan Development and Governance Project ($200 million), Avian Influenza Control and Human Pandemic Preparedness and Response Project ($50 million), and Malaria Control Booster Project ($180 million).
- 2011-2014: $4.3 billion in additional loans.
These loans are categorized under the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).
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.
The list does not include Trust Funds, Financial Intermediary Funds (FIFs) Commitments, loans to the International Finance Corporation (IFC), or IBRD/IDA guarantees.
