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Nigeria emerges third-largest debtor to World Bank’s IDA, gets $2.2 billion under Tinubu
Nigeria has ascended to become the third-largest debtor to the World Bank’s International Development Association (IDA) as of June 30, 2024, reflecting a significant increase in the country’s borrowing from the institution.
According to the World Bank’s financial statements, Nigeria’s exposure to the IDA rose by 14.4% from $14.3 billion in the fiscal year (FY) of 2023 to $16.5 billion in FY2024.
This $2.2 billion increase places Nigeria among the top three IDA debtors for the first time, a notable shift from its previous position as the fourth-largest borrower in 2023.
The fiscal year for 2024 runs from July 2023 to June 2024, which means that Nigeria has received at least $2.2 billion from the World Bank under the administration of President Bola Tinubu.
This debt is different from any outstanding loan from the World Bank’s International Bank for Reconstruction and Development (IBRD).
Other top debtors
Bangladesh remains the largest IDA debtor, with its exposure increasing from $19.3 billion in 2023 to $20.5 billion in 2024. Pakistan follows, maintaining its second position with a stable exposure of $17.9 billion over the same period.
India, which was previously the third-largest borrower in 2023 with $17.9 billion, saw a decrease in its IDA exposure to $15.9 billion in 2024, allowing Nigeria to surpass it.
Other significant IDA borrowers include Ethiopia, whose exposure grew from $11.6 billion in 2023 to $12.2 billion in 2024, and Kenya and Vietnam, both with $12.0 billion in 2024.
These countries, along with Tanzania, Ghana, and Uganda, comprise the top ten IDA debtors, collectively accounting for 63% of the IDA’s total exposure as of June 30, 2024.
The International Development Association (IDA) is a key arm of the World Bank, dedicated to providing concessional loans and grants to the world’s poorest countries.
These loans, characterized by low interest rates and long repayment periods, are designed to foster economic growth, reduce inequalities, and improve living conditions in developing countries.
Nairametrics earlier reported that Nigeria secured a total of $4.95 billion in loans from the World Bank under Tinubu amid concerns over the country’s rising external debt servicing costs.
However, Nigeria has received only about 16% of these fresh loans.
The World Bank may approve four loan projects totalling $2 billion for Nigeria this year.
Data from the external debt stock report of the Debt Management Office (DMO) shows that Nigeria owes the World Bank a total of $15.59 billion as of March 31, 2024.
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Bread and butter activists: Wike not available for such adult delinquents-Olayinka slams Adeyanju
Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory (FCT), Nyesom Wike, has reiterated that the Minister will not give attention to “professional scammers and hustlers” who are masquerading as activists.
In a statement on Saturday, the Spokesperson to the FCT Minister said most of those jumping from one social media platform to another to speak against the FCT Minister were doing so because he ignored them and is making the “Yahoo Yahoo” antics through which they have sustained themselves to fail.
He said; “While growing up as a child in the hilly town of Okemesi Ekiti, one of the lessons I learned from my grandfather was never to wrestle with pigs. He was constantly telling us that the danger of wrestling with a pig will be that at the end of the fight, sane minds won’t be able to differentiate between you and the pig you fought with.
Therefore, as a matter of principle, we won’t dignify some people with any response.
“This is more so that we know how a certain emergency activist diverted election money to purchase a petrol station. We know how some so-called activists have fought themselves over protest money, including the one in 2019.
News
AFCON 2025Q: Eguavoen excuses bereaved Nwabali from Amavubi clash
By Kayode Sanni-Arewa
Super Eagles caretaker coach, Augustine Eguavoen, has excused Stanley Nwabali from the team’s 2025 Africa Cup of Nations qualifying match against Rwanda
The Chippa United lost his father on Friday morning.
The former surveyor died at the age of 67.
“He (Nwabali) has been excused from the game. However, the player will come to watch the match and cheer his team mates on,” team administrator, Dayo Enebi Achor, told thenff.com.
Eguavoen now has two goalkeepers, Maduka Okoye and Amas Obasogie available for the game.
The Super Eagles will host the Rwandans at the Godswill Akpabio International Stadium, Uyo on Monday.
News
Gov Okpebholo Makes Six Fresh Appointments In Edo
The Edo State Governor, Senator Monday Okpebholo, has approved the appointment of six more persons to serve in various capacities in his government.
Those appointed include Dr. Emmanuel Paddy lyamu as the Executive Chairman of the State Universal Basic Education Board (SUBEB); Lucky Enehita-Inegbenehi as the Managing Director of the State Waste Management Board; and CP Friday Ibadin, Rtd, State Corps Commander, Edo State Security Corps Governance.
Others are Stainless M.I. Ijeghede as the Managing Director, Edo State Traffic Management Agency, (EDSTMA); Sir (Dr.) Lucky Eseigbe, as Managing Director, Edo State Public Building and Maintenance Agency; and Engr. Emmanuel Ehidiamen Okoebor, as Hon. Commissioner of Finance-designate.
In a statement on Friday by the Chief Press Secretary to the Governor, Fred Itua, made available to newsmen in Benin City, he said the six appointments take effect from November 15, 2024.
Dr. Iyamu holds a Bachelor of Science and a Masters in Business Administration from the University of Benin. He is also a holder of Doctor of Science in Petroleum Resources from the European American University.
Iyamu is a strategic leader and renowned expert in security, business administration, human resources. An alumnus of Oxford University (Said Business School), he holds a Professional Doctorate in Leadership and Management from City University of Paris.
With over 15 years of experience, Dr. Iyamu has excelled across the banking, oil, and gas sectors, significantly improving corporate security and crisis management operations.
Until his appointment, Dr. Iyamu was the Chief Executive Oficer of Gabbem Integrated Services Lid, a leading company specialized in marine equipment and services.
Similarly, the second appointee Enehita-Inegbenehi obtained his B.Sc. (Human Resource d M.Sc. in Strategic Leadership and Governance from the University of Cape Coast respectively.
He is a dynamic and result-oriented professional, with an extensive experience in leadership and human resource management. He has proven abilities to analyze complex issues, develop effective strategies and guide teams towards success while fostering professional growth.
Inegbenehi was the Chief Executive Officer of JEI Visions Iron Metals, JEI Visions Service Apartments as well as JEI Visions Cleaning Services.
The third appointee CP Ibadan worked and retiredY from the Nigeria Police after a meritorious 35 years of service. He was one of the 11 officers seconded to the United Nations Mission in Kosovo and was a regional officer in the Headquarters.
He has attended various security courses in Egypt, France, USA among others. CP Friday Obadin holds the Bachelor Degrees in Philosophy and Law, respectively and was later called to the Nigerian Bar in the year 2007.
He is a member of Afican centre from crime prevention research studies, Cairo, Egypt. He is happily married with children.
The fourth appointee ljeghede holds a Bachelor of Science in Mechanical Engineering. He had a successful career in the Petroleum Industry, having worked and held sensitive positions, particularly in the Well Engineering and Safety Department in Shell Petroleum Development Company Nigeria Ltd.
He retired from the Service of Shell after a meritorious service.
The fifth appointee Eseigbe obtained his LL.B and LL.M at the Ambrose Alli University Ekpoma respectively. Until this appointment, Lucky Eseigbe Esq, was a Legislative Aide/Legal Adviser/Consultant to notable Honourable Members of the National Assembly of the Federal Republic of Nigeria from year 2007 to November 2024.
The sixth appointee Okoebor was born on October 21, 1972. He had his first degree in Civil Engineering and a Master of Business Administration from the University of Benin, Benin City respectively.
Engr. Okoebor, MBA has over 25 years of experience in the Banking Sector, including roles at the Standard Trust and United Bank of Africa (UBA).
He rose through the ranks in the Banking Industry to the position of Assistant General Manager (AGM) and is currently Regional Manager, United Bank of Africa (UBA) overseeing 15 Business Offices.
Engr. Emmanuel Ehidiamen Okoebor MBA is also a member of the Nigerian Society of Engineers and a registered member of COREN.
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