₦airaland Forum

Nigeria has retained its position as the third-largest borrower from the International Development Association (IDA), the concessional lending arm of the World Bank, despite a slight decline in its debt exposure in the first quarter of 2026.

According to the IDA’s March 2026 financial statements, Nigeria’s exposure stood at $18.5 billion as of March 31, 2026, down marginally from $18.7 billion recorded at the end of December 2025.

The $200 million decline represents a 1.1 per cent reduction over the three-month period. However, on a year-on-year basis, Nigeria’s debt exposure increased significantly by $1.2 billion, or 6.9 per cent, from $17.3 billion recorded in March 2025.

The latest ranking places Nigeria behind Bangladesh and Pakistan among the World Bank’s largest IDA borrowers.

Data from the report showed that Bangladesh remained the largest borrower with an exposure of $22.7 billion, followed by Pakistan with $19.2 billion, while Nigeria ranked third with $18.5 billion.

Other major African borrowers include Ethiopia with $14.4 billion, Tanzania with $14.3 billion, and Kenya with $13.2 billion in outstanding exposure.

The report also revealed that the IDA’s total loans outstanding stood at $230.8 billion as of March 31, 2026, slightly below the $231.1 billion recorded at the end of December 2025, reflecting a mild moderation in the institution’s lending portfolio.

According to the IDA, loans classified under non-accrual status represented only 0.4 per cent of the total portfolio, while provisions for potential loan losses amounted to $6.3 billion, equivalent to about 2.0 per cent of underlying exposures.

Nigeria’s exposure accounted for roughly eight per cent of the IDA’s total loan portfolio and approximately 13.3 per cent of the combined exposure represented by the institution’s ten largest borrowing countries.

The IDA noted that its ten largest country exposures collectively accounted for about 60 per cent of total portfolio exposure as of March 2026, highlighting the concentration of concessional lending among a relatively small number of developing economies.

Despite the slight quarter-on-quarter decline, Nigeria’s debt profile with the World Bank continues to trend upward over the longer term.

The report showed that Nigeria’s exposure rose from $17.3 billion in March 2025 to $18.5 billion in March 2026, underscoring the country’s increasing reliance on concessional financing to support development priorities and economic reforms.

Similarly, Ethiopia’s exposure increased from $13.2 billion to $14.4 billion over the same period, while Tanzania’s exposure rose from $12.6 billion to $14.3 billion.

Bangladesh’s debt exposure climbed from $21.2 billion to $22.7 billion, while Pakistan’s increased from $18.3 billion to $19.2 billion. Ghana also recorded an increase from $7.1 billion to $7.4 billion.

Nigeria’s position among the top borrowers reflects the scale of its infrastructure, social investment, and reform financing needs under the World Bank’s concessional lending framework.

The Federal Government is also currently engaging the World Bank for additional financing support.

Daily Trust reports that Nigeria is seeking a fresh $1.25 billion World Bank facility aimed at expanding access to finance, improving digital services, strengthening electricity supply, and supporting reforms in tax administration, agriculture, and trade.

If approved, the proposed facility would raise total World Bank loan approvals secured under the administration of President Bola Ahmed Tinubu to about $10.6 billion in June 2023.

The proposed loan would also rank among the largest World Bank facilities approved for Nigeria in recent years, following the $1.5 billion Reforms for Economic Stabilisation to Enable Transformation Development Policy Financing approved in June 2024.

Experts had cautioned Nigeria against the rising multilateral loans especially amidst rising debt with Nigeria’s debt profile rising to N159 trillion as of 2025.

A finance expert and senior partner at SPM professionals, Dr. Paul Alaje recently noted that the current debt stock of the country is directly owned by Nigerians and will be paid by even citizens not yet born.

“So here is the point, as the volume increases, Nigeria has to pay more, mind you the debt they gave to us is not this year, but as of December 31 2025. So by the time we look at the one that we have retired and the new loans that have been approved and some that have been collected this year, it is clear that by the time the DMO is reporting that in the first quarter 2026, we would have crossed $160 billion. So it’s more of a burden on the economy. Whether we have the capacity to pay or not is a different kettle of fish,” he added.

Source: https://dailytrust.com/nigeria-remains-world-banks-third-largest-borrower-with-18-5bn

Buhari and Tinubu borrowed and wasted the funds on transactional politics

Let the data boiz come and tell their normal lies and propaganda on what the faaake certttifficcate hollldderr has been doing or intend to do with these loans.

They claimed that when the kriminal of a faakkee guru str*tegist removes subsidy, Nigeria would not have the need to borrow loans anymore, that Nigeria will have enough foreign exchange in the reserve when the Dangote refinery also comes on board. They claimed that removing subsidy will strengthen the value of the Naira.

If all these are not plain open lies and propaganda can any one data boi show in concrete reality what the faaake certttifficcate hollldderr has achieved with his diabolical policies and how those policies has have a positive effects on the lives of the average Nigerian

Hahaha. Not surprised at all seeing Bangladesh and Pakistan -- two of our fellows in the "shitholesphere".

I see Nigeria becoming first before the end of this year.

This I have seen.

Always leading the news for bad reasons. Also poverty capital of the world

Yet we in wallow in darkness even after no subsidy on petroleum

Borrowing no be leprosy. The koko is what you're borrowing for.

With the way Nigeria is going, give it 3 more years Nigeria will take the lead.

We no just dey carry last..

Borrow borrow president
And some clowns will say he's the best president ever
Yet MDAs remain underfunded in an unprecedented way
Some MDAs have not seen a kobo in capital funding since 2024 despite subsidy removal and a borrowing binge
Tinubu is a massive failure

Always among top 3 in negative news ....tinubu indeed will change this country in ways we won't be able to recover in decades to come...no meaningful development with the huge loans and taxes

Subsidies was removed, nothing to show for it. Loan up and down, nothing again.

Just imagine and we are still where we are

Tinubu is jealous, he would soon overtake the first and second country, he hates to compete, watch and see how the thieves in our national assembly sign loan request soon

Make 3rd world countries borrow from you while first world countries borrow from within their own country.

FalseProphet1:
I see Nigeria becoming first before the end of this year.

This I have seen.

You have been warned to proceed to the Sahara desert for Prophetic cleansing, since you have refused, we shall likely bundle you and Lock you up in the Sahara desert for 7 billion years ooooooooo

adenigga:
Source: https://dailytrust.com/nigeria-remains-world-banks-third-largest-borrower-with-18-5bn

Why did this man now remove subsidy?
He is just creating problems for future presidents with all these reckless borrowing and national assembly are watching him.
God abeg

God why, The country is a joke, borrowing and nothing to show for . If you borrow, even use it to solve insecurity at least

God save us from this pit that is dug before Nigeria

NDC! Conduct DIRECT PRIMARIES! I repeat, CONDUCT DIRECT PRIMARIES!

There's something allegedly hidden in the revised law that may disqualify candidates gotten from indirect primaries/primaries that don't meet up to a certain number of submitted registered voters.

Majorly, just follow the steps of APC prior to the main election but be cautious also

Over 20 trillion naira

Tinubu eleribu want finish Nigeria before he go

Image123:
Borrowing no be leprosy. The koko is what you're borrowing for.

Exactly
What are we borrowing for
The borrowing is not reflecting on the economy with budget performance less than 30% in the last two years

Wonderful achievement by Tinubu

come back and borrow more

tax your zombies harder

you have nothing to show for four years

Robbing Peter to pay Paul economics no value created.

On your mandate 😉, Bola on your mandate 😁, On your mandate we shall stand 😜.

cvr.inecnigeria.org 🙂‍↔️.

What have got to show for the money borrowed? .... can we point to projects worth $10B? ... and what have we used the loans for that can generate income to repay the loans? Most importantly... apart from the interest rate .... what resources or concessions are tied to these loans? Oil price has gone up....but are we benefiting?...or we're exporting at the previous low price because loans were tied to oil at the old price? Why are we not benefiting or slashing our debts with the windfall?

The costal road from Lagos to wherever is saying hi

The more the thieving leaders borrow, the poorer the citizens.

FalseProphet1:
I see Nigeria becoming first before the end of this year.

This I have seen.

To buy voters to vote APC.

webincomeplus:
Hahaha. Not surprised at all seeing Bangladesh and Pakistan -- two of our fellows in the "shitholesphere".

Hrhdjjdudirirjdhdhuwdhhdhdjjdhdhbdbdbdbbdbdbbdbdbbdbdbdnbdhd

no one in right sense should support this borrowing thing... Its evil haba