As of June 30, 2024, Nigeria had risen to the third position among countries with the most debt to the International Development Association (IDA) within the World Bank. The amount owed was $16.5 billion, a 14.4% increase from the previous year debt of $14.3 billion.
According to the latest financial statements from the World Bank, Nigeria’s debt to IDA rose by $2.2 billion over two years, thereby making it one of the top three IDA debtors globally during this time. This is a result of the government’s awareness regarding its economic problems that need addressing, such as infrastructure development, alleviation of poverty, and social investment programs.
However, the increasing debt burden is raising questions about the country’s capacity to maintain its financial commitments. The Tinubu administration, which assumed power in May 2023, has been actively seeking foreign donations to assist in its agenda for various reforms within social and economic aspects.
Nigeria received at least $2.2 billion from the World Bank in the fiscal year 2024, which shows how dependent we are on international financial support while grappling with our own national economic crises.