A report exposes the Nigerian government has borrowed about 4.816 trillion in the record to become the 10 highest risk exposure globally.
The World Bank in the Fiscal Year 2021 (FY21) financial statement of the International Development Association (IDA), its subsidiary, said India is leading with $22bn debt, Bangladesh next with $18.1bn, Pakistan, $16.4bn, Vietnam, $14.1bn, and Nigeria has $11.7bn debt.
Nigeria’s $11.7bn or N4.816tr is nearly one-third of the 2021 national budget, which is put at N13.6tr.
For a population of 200 million Nigerians, it means each citizen owes the World Bank at least N24,080 in terms of per head distribution.
African countries next to Nigeria are Ethiopia with $11.2bn, Kenya with $10.2bn, Tanzania with $8.3bn, Ghana with $5.6bn, and Uganda, $4.4bn.
In 2022, the organization said the single borrower limit (SBL) has been set at $45bn, about 25 percent of $180.9bn of equity as of June 30, 2021.
The bank offers concessional loans and grants to the poorest developing countries who are its members.
“As of June 30, 2021, the 10 countries with the highest exposures accounted for 66% of IDA’s total exposure,” it noted.
The report also said $19.5bn loans would be disbursed to Nigeria, which includes $1.46bn loans approved but not yet signed $6.61bn signed loan commitment, and $11.47bn outstanding loans.