The World Bank has expressed concern over rising debt-service in Nigeria and other developing economies. The international creditor said the external debt of these economies totaled $9 trillion in 2021.
According to the World Bank in a report released on Wednesday, the poorest countries eligible to borrow from the World Bank’s International Development Association (IDA) now spend over a tenth of their export revenues to service their long-term public and publicly guaranteed external debt.
The report showed that Nigeria’s external debt was $18.8 billion in 2010, but rose to $76.2 billion last year. Ripples Nigeria gathered that in 2010, $2.58 billion was obtained from International Monetary Fund (IMF) credit and Special Drawing Rights (SDR), against $9 billion in 2021.
