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Nigeria Owes World Bank N3.96trn -DMO
Nigeria’s highest external debt stock to a single multilateral or bilateral financial institution in history now stands at $10.46billion (N3.965trillion at the official rate of N379/$).
Giving this revelation in its latest indebtedness figures in Abuja, at the weekend, the Debt Management Office of the Federal Ministry of Finance disclosed that the Federal Government was owing the total sum to the World Bank Group.
An analysis of the country’s external debt stock as of June 30, 2020, showed that Nigeria’s indebtedness to the International Development Association and the International Bank for Reconstruction and Development were $10.05billion and $409.51million, respectively, the DMO said.
The International Bank for Reconstruction and Development and the International Development Association are both organisations of the World Bank Group.
Other organisations of the multilateral financial institution include the International Finance Corporation, the Multilateral Investment Guarantee Agency and the International Centre for Settlement of Investment Disputes.
The World Bank Group and the African Development Bank Group are two prominent multilateral institutions that lend to the nation.
Nigeria’s total indebtedness to the multilateral institutions during the period under review was put at $16.36billion, representing 51.97 per cent of the country’s total external debt stock.
The DMO put the country’s indebtedness to the AfDB Group at $5.896billion.
The external debts of Nigeria to African Development Bank, Africa Growing Together Fund and African Development Fund are $1.325billion, $140,000, and $921.91million, respectively.
Nigeria’s debt to other organisations of the AfDB Group such as the Arab Bank for Economic Development in Africa, European Development Fund, Islamic Development Bank and International Fund for Agricultural Development, are $5.88million, $52.52million, $30.22million and $201.68million, respectively.
Further analysis of the country’s external debts showed that Nigeria’s total indebtedness to bilateral organisations, which in this case include foreign nations, was $3.948billionn as of June 30.
This represents 12.54 per cent of the country’s entire $31.477billionn external debt stock during the period under review.
For the bilateral organisations, the country’s indebtedness to China (Exim Bank of China) was $3.24billionn, while its debt to France (Agence Francaise Development) was $403.65million.
The country’s debt to Japan (Japan International Corporation Agency) was $76.69million, while Nigeria owes India (Exim Bank of India) $34.87million.
Nigeria also owes Germany the sum of $192.7million.
Still under Nigeria’s external debt stock as of June 30, the DMO put the country’s Eurobonds at $10.87billion, while its Diaspora Bond was $300million.
Eurobond and Diaspora Bond are commercial external debt stock and account for $11.168billion, representing 35.48 per cent of the country’s external debt stock.
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Akpabio Withdraws All Defamation Suits After Priest’s Sermon
The Senate President, Senator Godswill Akpabio, has directed his lawyers to withdraw all ongoing defamation lawsuits against several individuals, saying he was moved by counsel during a New Year Mass.
Speaking at the Sacred Heart Parish in Uyo, yesterday, Akpabio said he had filed nearly nine lawsuits against individuals he accused of defaming him.
He said, “I had almost nine cases in court against some individuals who defamed me, who lied against me, who slandered my name.
“But I listened to the priest and suddenly realised he was talking to me, so I hereby direct my solicitor to withdraw all lawsuits against them.”
In 2025, Akpabio had filed several high-profile defamation lawsuits, including one against colleague Senator Natasha Akpoti?Uduaghan.
In late 2025, Akpabio filed a N200 billion defamation lawsuit against her over allegations of sexual harassment, which he denied and urged her to substantiate in court.
Earlier in the year, Akpabio’s wife also filed defamation suits against Akpoti?Uduaghan over claims she said had harmed her family’s reputation.
Relations between the two lawmakers soured after Akpoti?Uduaghan accused Akpabio of influencing her suspension from the Senate in March 2025, following her public allegations of misconduct.
The Senator had previously challenged actions taken against her in court, including a N100 billion defamation suit she filed against Akpabio and other defendants over alleged remarks that she said damaged her reputation.
With yesterday’s announcement, Akpabio has formally ended all pending legal disputes arising from defamation claims, signalling closure to the publicised litigations as the year begins.
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‘Best Way To Show Gratitude Is To Deliver Tinubu in 2027’
Rivers State Governor, Sir Siminalayi Fubara, has declared that the best form of gratitude Rivers people owe President Bola Ahmed Tinubu for protecting the interest of the State is to galvanize massive support for the President in 2027.
Fubara disclosed this last Monday during the commissioning of Permanent Secretaries Quarters built by his administration at Elimgbu in Obio Akpor Local Government Area of the State.
He said that the State has what it takes to deliver the President during the 2027 general elections.
“We’ve taken a decision,our decision is for the good of Rivers State, our decision is to say thank you for the protection we have from Mr President, our decision is to prove that we have what it takes to deliver Mr President.”
Fubara expressed delight over the completion of the project, stating that the initiative was to provide accommodation, a basic need of life for public servants in the state to improve their productivity.
He explained that lack of effective social welfare was at the root of some incriminating actions that undermine the purpose of governance, noting that the commissioning of the newly built Permanent Secretaries Quarters marks a significant milestone in civil service welfare and institutional development.
“Insecurity begins when individuals are uncertain of what the next hour holds. This situation is especially challenging for family men and women, affecting confidence and decision-making,” he observed.
Fubara emphasized the need for proper maintenance of the facility and urged the beneficiaries to protect the project like a personal property, while directing the State Head of Service to appoint a facility manager to ensure long-term maintenance.
In her remarks, the Special Guest of Honour and Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, who unveiled the project, expressed appreciation to the governor and Rivers State for inviting her to commission the project.
She commended Fubara for prioritizing the welfare of Permanent Secretaries who are senior public servants and accounting officers, noting that the project reflects purposeful and visionary leadership, and urged other states to borrow a cue from the Rivers State Governor.
Walson-Jack described the initiative as a strategic investment in staff welfare and institutional continuity which she noted is in line with Renewed Hope Initiative on provision of mass housing and social stability.
“The commissioning of these houses reflect a deliberate commitment to the dignity, welfare, and productivity of senior public servants responsible for policy coordination and service delivery,” she said.
In his goodwill message, the National Secretary of the All Progressives Congress (APC), Senator Ajibode Bashiru, who led a high powered delegation on a visit to the governor, congratulated Rivers people for aligning with the Pan Nigerian political party, assuring that the interest of Rivers State will be duly protected in the APC.
He described President Bola Tinubu as a detribalised Nigerian who anchors his leadership on equity, fairness and justice, adding that the APC will provide a level playing ground for all.
The APC chief scribe also commended Fubara for providing good accommodation for public servants, stating that it will address issues of sabotage, compromise and disloyalty on the part of public servants.
Giving the project description, Permanent Secretary, Rivers State Ministry of Works, Dr. Austin Ezekiel-Hart, said the estate comprises 29 units, including nine standalone duplexes and 20 terrace buildings.
Facilities feature a water treatment plant, synchronized power generators, CCTV and alarm systems, a gym, recreational areas, and green spaces—designed to enhance comfort, performance, and productivity.
Earlier, the Head of the Rivers State Civil Service, Dr Mrs Inyingi Brown, had thanked the governor for his visionary initiative and unwavering commitment to the welfare of Rivers State Civil Servants, and restated the commitment of the State civil servants to the success of Fubara’s administration.
By: Taneh Beemene
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