₦airaland Forum

Nigeria now ranks fourth in the World Bank’s top 10 International Development Association borrowers’ list, no thanks to rising debt.

Nigeria was ranked fifth in the World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, with $11.7 billion IDA debt stock as of June 30, 2021.

However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13bn IDA debt stock as of June 30, 2022.

This shows that the country accrued about $1.3bn IDA debt within a fiscal year to take over the fourth top debtor position from Vietnam.

This debt is different from the outstanding loan of $486m from World Bank’s International Bank for Reconstruction and Development.

The top five countries on the list slightly reduced their IDA debt stock except Nigeria.

India, which still tops the list, reduced its IDA debt stock from $22bn in the previous fiscal year to $19.7bn, followed by Bangladesh from $18.1bn to $18bn.

Pakistan comes next, after cutting its debt from $16.4bn to $15.8bn, followed by Nigeria, then Vietnam, which cut its IDA debt stock from $14.1bn to $12.9bn.

The World Bank disclosed recently that Nigeria’s debt, which may be considered sustainable for now, risks becoming unsustainable in the event of macro-fiscal shocks.

dawnomike:
What an achievement a disaster for a our country...

dawnomike:
What an achievement for a our country... 1st position awaits Nigeria

Jennifer663:
I pity Nigerians...
Would still pity them again if they did not choose wisely the next president.

RighteousDemon:
Can we just get something right come 2023

Jennifer663:
Pray so.

Imemine:
They're borrowing, printing money, taxing everything, increasing vat, gulping oil illegally, etc, but has done nothing with the money - absolutely nothing. While people in Buhari's home state are eating grasses he is busy enriching Niger republic, his cronies are looting in billions and their kids are showing off I'll gotten wealth to the impoverished masses. One thing about money is that if you steal billions, but has no knowledge of how to utilize it, it will definitely leave you.

omowolewa:
Nigeria would be come leading credit facilities destination if we fail to get our leadership choice right.

Where bigger Economies keep investing in productivity and looking for markets in Nigeria. We have to stop being productive and start looking for monies to buy, that's either from loans, grants or corruptions.

Guess what?
We will soon activate our debt forgivemess request.