NIGERIA LISTED IN HIGH-DEBT RISK NATIONS
■ The World Bank in its financial statement for International Development Association (IDA) released recently has rated Nigeria as fifth country with high debt risk exposure. Nigeria has a $11.7Bn IDA debt stock and its undisbursed balance with the World Bank is about $8.656Bn as at June 30, 2021.
According to the financial statement for the International Bank for Reconstruction and Development (IBRD), Nigeria has a total of $589m undisbursed balance, consisting of $500m loans approved but not yet signed and $89m signed loan commitment.
Meanwhile the financial statement for IDA disclosed that Nigeria had a total undisbursed balance of $8.07Bn, which includes $1.462Bn loans approved but not yet signed and $6.61Bn signed loan commitment.
A total of $1Bn loans were agreed between Nigeria and the World Bank’s IBRD, of which Nigeria’s outstanding loan is $411M. While for IDA, a total of $19.54Bn loans were agreed upon, of which Nigeria’s outstanding loan is $11.47Bn.
According to Nigeria’s Debt Management Office, the country owes the World Bank a total of $11.51Bn, consisting of $11.10Bn IDA loans and $410.23M IBRD loans as of March 31.
Furthermore, other countries on the list of high-debt risk nation in order of appearance included Ethiopia with $11.2bN IDA debt stock, Kenya with $10.2Bn IDA debt stock, Tanzania with $8.3Bn IDA debt stock, Ghana with $5.6Bn IDA debt stock and Ugandan with $4.4Bn IDA stock debt.