Sunday, September 19, 2021

Debt servicing: Nigeria Paid $1.79bn To World Bank, China In Five Years

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The Debt Management Office has said $1.79bn was spent in five years on servicing the debts owed to World Bank and the Exim Bank of China.

The country paid the World Bank a total of $1.19bn, plus $854.48m to the International Development Association and $341.57m to the International Bank for Reconstruction and Development.

A total of $591.11m was paid to the Exim Bank of China, being money loaned for some projects.

Most of the loans from the World Bank were for execution of programme or infrastructural projects.

On 14th December 2020, the World Bank approved $1.5bn loan for Nigeria COVID-19 Action Recovery and Economic Stimulus Programme and the State Fiscal Transparency, Accountability, and Sustainability Programme.