Nigeria spent $598.59m on servicing the debts owed to the World Bank and the Exim Bank of China in 2021, according to an analysis of data on actual external debt service payments from the Debt Management Office.

The country paid the World Bank a total of $390.92m, which included $384.28m to the International Development Association and $6.46m to the International Bank for Reconstruction and Development.

A total of $207.67m was paid to the Exim Bank of China, for different projects for which loans were taken.

The Federal Government had sought loan facilities from Chinese lenders to implement several infrastructural projects.

In a new document titled ‘status of Chinese loans as of September 30, 2021’ published last week, the DMO disclosed that 15 projects were funded with the acquired loans

These projects range from the water supply, power generation, railways, airport terminals, and communication to agricultural processing.

The document also showed that there are varying interest rates, which range from 2.5 per cent to 3 per cent, and are not solely fixed on 2.5 per cent as the DMO claimed in its statement in June 2020.

Most of the loans from the World Bank were also tied to a programme or an infrastructure project.

On December 14, 2020, for instance, the World Bank approved a $1.5bn loan for Nigeria, earmarked for two projects, namely the Nigeria COVID-19 Action Recovery and Economic Stimulus Programme and the State Fiscal Transparency, Accountability, and Sustainability Programme.


The bank had on June 27, 2018, approved a loan of $775m for the Fiscal Governance and Institutions Project, Nigeria Erosion and Watershed Management Project (additional financing), Nigeria Polio Eradication Support Project (additional financing), Nigeria Electrification Project and the State Fiscal Transparency, Accountability and Sustainability scheme.

On March 23, 2017, the bank approved a $200m credit for the implementation of the Agro-Processing, Agricultural Productivity Enhancement and Livelihood Improvement Support Project, while a $150m credit was offered for Mineral Sector Support for Economic Diversification Project on April 14 the same year.

On June 7, 2016, the bank approved a $1.1bn credit as additional finance to fund the State Education Programme Investment Project, Community and Social Development Project, Nigeria Youth Employment and Social Support Project, State Health Investment Project, Third National Fadama Development Project, NG-Polio Eradication Support Project and the National Social Safety Nets Project.

In an earlier Punch report, it was disclosed that Nigeria spent $1.79bn in five years on servicing the debts owed to the World Bank and the Exim Bank of China.

As of December 2021, Nigeria still owes World Bank and China $12.38bn and $3.63bn respectively.

Source: https://punchng.com/Debt-servicing-Nigeria-paid-$598.59m-to-World-Bank-China-in-2021-Report

What do we still have left in this country? Wicked government.

Hummm! Gbesere o

My sadness is that everyone contesting now is a well-known thief who steal proudly and remind us there's nothing we can do about it.
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Before the debt will be paid off... our great-grandchildren must have grown old.... Buhari have borrowed the future of Nigeria to loot and share it with his goons ..

Ok

With our huge deposits of oil see where we gotten to!

The rot started when we gave chance to thieves.

Now this present government have exacerbated things.

Country come hard, if country no hard for your side you dey try o.

Close to three decades and this country never been hard as it for me now.

I said what I said.

I'm sure buhari must have borrowed more than that this year 2022

I really pity the nest president

While Rotimi amechi is coming to sell Nigeria to china kwatakwata

Combien?

I am not angry that our government got loans from World Bank and China, my anger is that I am finding it very difficult to notice or see what the loans were used for. I pray that an opposition party wins 2023 presidential election in order to have the guts needed to expose and unearth the mess APC has done to this once a great country.

No be say them use the loan achieve anything...

Black man and stupidity = Best friends

Sai Borrowhari.....

chatinent:
My sadness is that everyone contesting now is a well-known thief.

Not just thieves...

Thieves that will further borrow to steal!

Other developed countries have thieves too, but theirs have the intelligence to radically change their nation's economy from import-dependent to export-driven with the outcome of making their economy so buoyant that they comfortably steal while still providing high standards of living for their citizens.

They should just dash me 1 million USD and I'm set

Our debt is too high

No leader can do anything meaningful with this debt
God help us

Buy all sizes of men clothing

J

I don't have problem with World Bank loan, my only problem have to do with Chinese loan

Why is it dt no one is asking how much Nigeria gets from crude oil sale daily multiplied by 365days a year?
What of money from taxes and rates,tarrifs on on calls etc daily?
Why then are we borrowing?
Can't Nigeria govt leverage on technology to generate more than enough revenue for d country?
With bvn alone, annual normal tax per citizen can be deducted resulting in trillions? It can equally be done through gsm lines.
Nigerian govt shld pls engage young guys with digital skill tech to help digitalise and automate revenue generation for govt.and stop borrowing .
we have no reason to borrow for we are blessed aside corruption

Ppogbae:
They should just dash me 1 million USD and I'm set

They should dash you??! They (both your leaders and those they owe money) are looking to actually drain you to your last dime!

Our new financolonial masters ...........


China never offer debt forgiveness........ That's was buhari's plan, but it failed ........ China no mumu like the west ........

preciousmetals:
I don't have problem with World Bank loan, my only problem have to do with Chinese loan

Of course. Western Zombies like you will. All the Chinese loans are on infrastructure while the bulk of the World Bank Loans are on meaningless social support programmes (As usual). Please do an analysis of the terms of World Bank Loans and Chinese loans and revert to me. You people tire me. You just use western retoric to blind your reasoning

.

$1.2 Billion .......dollars... not Naira..... dollars ..... LOAN for COVID -19 recovery. Did we hear about this? All the free testing and free vaccines and free isolation and free ventilators and free palliative after all were not free.... money that could have been used to reconstruct our federal highways to international standards was all poured into a barrel labeled COVID 19 ... verrry rare in Nigeria. Who can account for the money? When Wike was personally running around to grab his constituents and throw them into isolation centers.... it was Wike working for him to get a bigger slice of the cake by showing his State has more cases. After the money was shared... he and others showed no interest in the ehmmmm... dangerous virus. When soooo many been saying scamdemic..... many didn't believe.

See wastages… borrowed monies without anything to show for it

Make una no vote for Peter obi o.

Continue una madness.

God go catch una, tinubu go enter after buhari.

Una go hear am .