BREAKING: Nigeria Emerges Third-Largest Debtor To World {Bank}’s IDA With $2.2 Billion Below Tinubu

Nigeria has emerged because the third-largest debtor to the World {Bank}’s IDA with $2.2 billion beneath President Tinubu.

PoliticalNews Nigeria experiences that Nigeria has ascended to turn out to be the third-largest debtor to the World {Bank}’s Worldwide Growth Affiliation (IDA) as of June 30, 2024, reflecting a big enhance within the nation’s borrowing from the establishment.

In keeping with the World {Bank}’s {financial} statements, Nigeria’s publicity to the IDA rose by 14.4% from $14.3 billion within the fiscal 12 months (FY) of 2023 to $16.5 billion in FY2024.

This $2.2 billion enhance locations Nigeria among the many prime three IDA debtors for the primary time, a notable shift from its earlier place because the fourth-largest borrower in 2023.

The fiscal 12 months for 2024 runs from July 2023 to June 2024, which implies that Nigeria has acquired a minimum of $2.2 billion from the World {Bank} beneath the administration of President Bola Tinubu.

This debt is totally different from any excellent mortgage from the World {Bank}’s Worldwide {Bank} for Reconstruction and Growth (IBRD).

Different prime debtors 

Bangladesh stays the biggest IDA debtor, with its publicity growing from $19.3 billion in 2023 to $20.5 billion in 2024. Pakistan follows, sustaining its second place with a secure publicity of $17.9 billion over the identical interval.

India, which was beforehand the third-largest borrower in 2023 with $17.9 billion, noticed a lower in its IDA publicity to $15.9 billion in 2024, permitting Nigeria to surpass it.

Different important IDA debtors embody Ethiopia, whose publicity grew from $11.6 billion in 2023 to $12.2 billion in 2024, and Kenya and Vietnam, each with $12.0 billion in 2024.

These nations, together with Tanzania, Ghana, and Uganda, comprise the highest ten IDA debtors, collectively accounting for 63% of the IDA’s whole publicity as of June 30, 2024.