- World bank has provided details of how much the federal government of Nigeria is owing
- According to the global bank, nearly $9 billion in loans have been provided to Nigeria in the last 30 months
- The Debt management data shows that as at the end of September 2022, Nigeria's total public debt at N44.06 trillion
In the last 30 months, Nigeria has borrowed $9 billion from the World Bank at highly concessionary rates.
World Bank’s Nigeria Country Director, Shubham Chaudhuri made this disclosure at the launch of the World Bank’s Nigeria Development Update (NDU) and Country Economic Memorandum.
According to Chaudhuri, the loans were to help the federal government of Nigeria eliminate poverty and make life better.
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“these funds are not donations; they are highly concessionary. We should be seen as trust partners. Whatever we can do to help Nigeria, we will do”.
"It is part of the help, Nigeria’s future is full of potential and how it can get there. We are here as a partner. We will provide advice; we will never dictate”.
World bank seeks reform
The World Bank Country Director for Nigeria also stressed the importance of adopting a single and market-reflective exchange rate and a stop to fuel subsidy amongst other reforms the Bretton Wood Institution would want Nigeria to undertake.
The Punch reports that Chaudhuri said reforms should be carried out if Nigeria is keen on charting economic growth from the current situation.
Details of world bank report
The Nigeria Development Update (NDU) and Country Economic Memorandum describes the main trends, challenges, and opportunities for growth and job creation in Nigeria over the past 20 years; and proposes a path forward with actionable policy options.
Specifically, the report noted that
“unlocking private investment will enable the creation of more and better-quality jobs in a sustainable manner”.
Citizens debt increase
As aforementioned, Nigeria's total public debt stock as of September increased to N44.03 trillion.
When this debt is divided to 211 million population, each Nigerian now owes more than N208,672.
Lagos state debt more than what states in four regions owe
Meanwhile, in another report, Debt Management Office has revealed a list of highly indebted states in Nigeria.
The debt stock captured by DMO is made up of ones owed by the states, including the Federal Capital Territory and the federal government.
Lagos is the most indebted borrowed after borrowing N658bn in seven years to increase its debt stock more than what states in four regions owe combined.