Nigeria’s Indebtedness to World Bank Rises to N6tn 

Nigeria’s borrowing from the World Bank has risen by 121.46 per cent under the regime of President Muhammadu Buhari. <br />The total debt owed to the World Bank Group by Nigeria rose by $7.64bn in seven years. <br />The International Bank for Reconstruction and Development lends to governments of middle-income and creditworthy low-income countries, while the IDA provides concessionary loans – called credits – and grants to governments of the poorest countries. <br />Data showed that in 2016, Nigeria had a debt of $6.29bn from IDA and $3.57m from IBRD, but by 2022, the borrowing through IDA was $13.45bn while the one from IBRD was $487.03m.