By Abiola Olawale
The World Bank Group has released a revealing report indicating that the Nigerian government is still in the process of repaying $10.6 billion in loans that were acquired during the administrations of Olusegun Obasanjo, Musa Yar’Adua and Goodluck Jonathan.
According to the World Bank Group Finances, Nigeria obtained a total of 69 loans between 2000 and 2014 when Obasanjo, Yar’Adua and Jonathan were President.
A breakdown of the report reveals that Nigeria is currently repaying loans such as the CommunitareBased Poverty Reduction Project ($60 million), Second Primary Education Project ($55 million), Economic Management Capacity Building Project ($20 million), and Small Town Water Supply and Sanitation Programme Pilot Project ($5 million), all which were obtained in 2000.
For 2001, Nigeria still repaying loans such as the Transmission Development Project ($100 million), the Privatisation Support Project ($114 million), and HIV/AIDS Programme Development ($90.3 million).
In 2002, the Federal Government secured four loans totalling $438 million, including the Second Health System Development ($127 million), Community-Based Urban Development Project ($110 million), Lagos Urban Transport Project ($100 million), and Universal Basic Education Project ($101 million).
Between 2003 and 2005, the government obtained World Bank loans totalling $1.1 billion, which are still being repaid.
These loans include the Local Empowerment and Environmental Management Project ($70 million), Second FADAMA Development Project ($100 million), Micro, Small and Medium Enterprises Project ($32 million), Federal Government Economic Reform and Governance Project ($140 million), and Sustainable Management of Mineral Resources ($120 million).
Similarly, the government secured $4 billion in loans between 2006 and 2010, and $4.3 billion between 2011 and 2014, all of which are still being repaid as of June 30, 2024, when the platform was last updated.
Some of these loans include the Lagos Metropolitan Development and Governance Project ($200 million), Avian Influenza Control and Human Pandemic Preparedness and Response Project for Nigeria ($50 million), and Malaria Control Booster Project ($180 million), all secured in 2006.
The New Diplomat reports that this comes after the Debt Management Office (DMO) had, in an official report released in June 2024, revealed that as of March 31, 2024, Nigeria’s total domestic and external debt stood at N121.67 trillion ($91.46 billion).
The domestic debt amounted to N65.65 trillion ($46.29 billion), while external debt was N56.02 trillion ($42.12 billion).
The DMO also revealed that President Bola Ahmed Tinubu has already acquired a total of $4.95 billion in foreign loans since coming into power.
