Fresh World Bank, AfDB, IDB loans may raise Nigeria’s debt to N31.7tn
fresh loan disbursements expected from the World Bank, African Development Bank and Islamic Development Bank may raise Nigeria’s total public debt stock to N31.699tn in coming months. Nigeria currently expects about $1.844bn (N699.1bn at N379/$ official exchange rate) from the three financial institutions, Sunday PUNCH gathered from the Debt Management Office in Abuja. On September 10, 2020, Sunday PUNCH reported that Nigeria’s public debt stock, as released by the DMO, rose to a total of N31.01tn at the end of June, indicating that in the last five years under the President, Major General Muhammadu Buhari (retd), the country’s debt rose
Endless Borrowing Will Lead to Endless Sorrowing — Atiku Abubakar
John Quincy Adams once said “there are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.” He may have very well been referring to Nigeria of the last three years. Barely two weeks ago, I warned during my Founder’s Day lecture at the American University of Nigeria, Yola, that Nigeria had taken almost as much foreign debt in the last three years, as she had taken in the thirty years before 2015 combined. Now that is frightening. And very true. Frightening, not just because of the amount, but because after such
Nigeria Loan Portfolio With World Bank Rises To $8.67bn
Investigation conducted by the Punch Newspaper shows that World Bank loan portfolio in Nigeria now stands at $8.67bn. Loans from the International Development Association, one of the three arms of the World Bank, make up $8.55bn of the portfolio. Loans from the International Bank for Reconstruction and Development, another arm of the Breton Woods institution, make up $124.18m of the portfolio. IDA is the concessional arm of the bank through which it grants low interest loans to developing countries while the IBRD is the commercial arm that lends at commercial interest rates. Statistics obtained from the Debt Management Office showed
