The data sourced from the external debt stock reports of the Debt Management Office, DMO also revealed that Nigeria’s indebtedness to the World Bank rose from $6.29 billion (₦2.9 trillion) in December 2015, to $13.93 billion (₦6.42 trillion) in December 2022.
The World Bank has over the years, been a source of financial aid to Nigeria as its International Development Association, IDA and the International Bank for Reconstruction and Development, IBRD have funded Nigeria’s major developmental policies.
The IBRD provides loans to governments of low-income countries that are creditworthy while the IDA attends to governments of the poorest countries by providing concessionary loans – called credits – and grants.
