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Nigeria’s Debt To W’Bank IDA Hits $19.2bn -Report
Nigeria has retained its position as the third-largest debtor to the World Bank’s International Development Association (IDA) with outstanding obligations of $18.2bn as of June 30, 2025.
This marks a rise from $16.5bn in June 2024, representing a $1.7bn—or roughly 10.3 per cent—increase within one year.
The latest figures from the IDA’s financial statements show that Nigeria first climbed to third place in 2024, up from its previous position as the fourth-largest borrower in 2023, and has maintained this ranking into 2025.
The IDA is the concessional lending arm of the World Bank Group, offering low-interest or interest-free loans and grants to the world’s poorest countries.
Debt owed to the IDA typically comes with long maturities and generous grace periods, but the growing balances highlight both the scale of Nigeria’s financing needs and the degree of its reliance on concessional funding.
It was learnt that during the fiscal year from July 2023 to June 2024, Nigeria received at least $2.2bn in new loans from the IDA. This means that a total of $3.9bn IDA loans have been disbursed to Nigeria in two years, between June 2023 and June 2025, under the administration of President Bola Tinubu.
This borrowing does not include any outstanding loans from the World Bank’s International Bank for Reconstruction and Development, which is separate from the IDA.
Bangladesh remains the largest IDA borrower globally, with its debt stock increasing from $20.5bn in June 2024 to $22.6bn in June 2025. The South Asian country continues to dominate the exposure table, accounting for the largest single share of the IDA’s loan portfolio.
Pakistan follows as the second-largest borrower, with its debt rising from $17.9bn to $19.3bn over the same period. India, which in prior years ranked ahead of Nigeria, remains a significant IDA borrower despite a decline in its exposure.
Its outstanding debt fell sharply from $15.9bn in June 2024 to $14.2bn in June 2025, a drop of $1.7bn, largely due to repayments outpacing new disbursements.
Ethiopia rounds out the top five, with its debt stock rising from $12.2bn to $14.0bn in the 12-month period. The other countries in the 2025 top ten list reflect shifts in the IDA’s lending profile.
Tanzania’s debt surged from $11.7bn to $13.7bn, moving it ahead of Kenya, which also saw a significant increase from $12.0bn to $13.0bn. Vietnam’s exposure fell from $12.0bn to $11.6bn, causing it to drop in the rankings, while Ghana’s debt climbed from $6.7bn to $7.2bn.
Côte d’Ivoire entered the top ten in 2025 with $6.2bn, displacing Uganda, whose debt stood at $4.8bn in 2024. Overall, the IDA’s top ten borrowers accounted for 61 per cent of its total exposure in 2025, down slightly from 63 per cent in 2024.
This concentration shows the relevance of the Single Borrower Limit, which caps lending to any single country at 25 per cent of the IDA’s equity.
For the 2026 fiscal year, the SBL was set at $51.0bn—up from $47.5bn in FY25—well above the current exposure levels of the largest borrowers, meaning the limit is not presently a binding constraint.
Nigeria’s continued presence near the top of the IDA debtor table reflects its persistent financing gap for development spending, particularly in infrastructure, energy access, and poverty reduction programmes.
While IDA loans offer more favourable terms than market borrowing, the steady accumulation of such debt adds to Nigeria’s overall public debt burden, raising questions about debt sustainability.
The World Bank had approved a total of $8.40bn in fresh loans to Nigeria over the past two years, according to data obtained from the Bank’s official website.
The approvals, covering June 2023 to August 2025, cut across 15 projects in energy, education, healthcare, rural infrastructure, and governance.
The amount comprises $1.95bn from the International Bank for Reconstruction and Development and $6.50bn from the International Development Association.
Meanwhile, data from the Debt Management Office showed that Nigeria’s total debt to the World Bank rose to $18.23bn as of March 31, 2025.
This marks a $420m increase in just three months since December 2024, when Nigeria’s total exposure to the World Bank stood at $17.81bn.
The DMO data showed that borrowings from the International Development Association, the concessional financing arm of the World Bank, rose from $16.56bn in December 2024 to $16.99bn in March 2025.
At the same time, loans from the International Bank for Reconstruction and Development — the non-concessional lending window of the World Bank — remained unchanged at $1.24bn. In total, the World Bank Group now accounts for $18.23bn, or about 39.7 per cent of Nigeria’s total external debt stock, which stood at $45.98bn as of March 2025.
This reflects a marginal increase in the World Bank’s share of the debt portfolio, up from 38.9 per cent recorded in December 2024 and 36.4 per cent at the end of 2023. Further analysis indicates that the World Bank now constitutes 81.2 per cent of Nigeria’s total multilateral debt, which reached $22.43bn in Q1 2025.
This represents a rise from the 79.8 per cent share recorded at the end of 2024 and underlines the central role the institution continues to play in Nigeria’s financing framework.
Economist and CEO of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, earlier said that the rising World Bank commitments to Nigeria should be examined within the context of the country’s Medium-Term Expenditure Framework and annual budgets, which already provide for both domestic and foreign borrowing.
He noted that deficit financing is a common feature of budgets worldwide and is not inherently wrong, as it allows governments to make critical investments without waiting to generate all the required revenue upfront.
However, he stressed that borrowing should always be backed by sound economic reasoning and clear development priorities. Yusuf emphasised that the key issue is debt sustainability, which depends primarily on the country’s revenue capacity to service its obligations.
Without a strong cash flow to meet repayment schedules, he warned, Nigeria risks falling into a vicious cycle of borrowing to service existing loans, which would perpetuate fiscal vulnerability.
He said it is essential that projects funded by loans directly support the economy’s capacity to repay. According to him, Nigeria should be cautious with foreign loans due to the exchange rate risks they pose, noting that domestic debt is generally easier to manage.
Excessive foreign borrowing, he warned, could put pressure on the country’s reserves and further weaken the exchange rate. He stressed that a disciplined approach to debt sustainability will be crucial for Nigeria to avoid long-term fiscal distress.
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Fubara Reaffirms Commitment To Peace, Unity And Development As Rivers State Marks 59TH Anniversary
Governor of Rivers State, His Excellency, Sir Siminalayi Fubara, has reaffirmed the unwavering commitment of his administration to peace, unity, security, and inclusive development as Rivers State marks its 59th anniversary.
In a goodwill message issued on Wednesday to commemorate the anniversary, Governor Fubara stated that despite the challenges faced over the years, the people of Rivers State have continued to demonstrate resilience, strength, and an enduring spirit of unity that has sustained the state since its creation.
The Governor noted that the strong bond of brotherhood among the various ethnic nationalities of the state, including the Ijaw, Ikwerre, Ogoni, Etche, Ekpeye, Andoni, Kalabari, and others, remains one of Rivers State’s greatest strengths and a critical foundation for peace, stability, and progress.
He further observed that Rivers State has remained a major driver of Nigeria’s economy for decades, not only because of its abundant oil and gas resources, but also because of the exceptional contributions of its people across diverse sectors including academia, jurisprudence, business, entertainment, public service, and sports.
Governor Fubara assured the people that his administration will continue to prioritize policies and programmes that promote peace, protect lives and property, and expand development across all parts of the state. He emphasized that governance must be people centered and impactful, with equal attention given to every Local Government Area of the state.
The Governor also paid tribute to the elders and founding leaders of the state for preserving the spirit of unity and coexistence over the years, while urging the youths to remain hopeful, responsible, and actively committed to building a greater Rivers State through innovation, hard work, and patriotism.
He equally acknowledged the invaluable role of women in strengthening families, communities, and society, describing them as indispensable partners in the continued growth and stability of the state.
Governor Fubara called on all Rivers people to use the occasion of the anniversary as a moment of reflection and renewed commitment to peaceful coexistence, mutual respect, dialogue, and collective progress, stressing that the unity and future of Rivers State must always rise above personal interests and political differences.
Rivers State was created on May 27, 1967, when the administration of General Yakubu Gowon (Rtd.) created twelve states out of the former four regions of Nigeria, with Rivers State carved out of the defunct Eastern Region.
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APC Presidential Primary: Fubara Commends Process, As Tinubu Sweeps Poll In Rivers
Rivers State Governor, Sir Siminalayi Fubara, has commended the leadership of the All Progressives Congress (APC) in Rivers State over the outcome of last Saturday’s presidential primary election that saw President Bola Ahmed Tinubu sweeping the poll with a total of 280,082 votes.
Fubara, who served as the State Collation Officer for the primary election, said that while the APC had a total of 297,068 registered members, the number of those accredited for the election was 280,082.
According to him, all those accredited for the election, cast their ballot for Tinubu, leaving Stanley Osifo, his only opponent, with no votes.
Fubara expressed delight at the peaceful and seamless process which he said was as a result of good planning by the party.
“I feel that this process has recorded one of the most organised outings of our great party in recent times. The only reason it came out this way has to do with good planning. In all, I want to say that I’m really impressed with the process.
“So, I can say here that having taken time to go through the figures diligently, I, Siminalayi Fubara, who is standing as the State Collation Officer, hereby certify that the information contained in my own spreadsheet represents the true, correct and accurate record of the summary of results from the 23 LGAs of Rivers State,” he said.
The governor said that while it was evident that President Tinubu defeated his opponent in the primary election in the State, the report would be sent to the APC headquarters in Abuja where the results will be formally declared.
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Ogoni cleanup: Minister Calls For more support from private sector
The Federal Government has called for increased private sector participation and donor funding to sustain ongoing gains in the Ogoni environmental restoration project under the Hydrocarbon Pollution Remediation Project.
Speaking at a conference on donor facilitation and diplomatic support for HYPREP in Abuja, yesterday, the Minister of Environment, Balarabe Lawal, stressed that the Ogoni cleanup programme was designed as a long-term intervention requiring sustained funding, technical support, and international cooperation.
“The project is supposed to be a lifespan project. We must move towards achieving its main aim, which is environmental restoration and sustainable development,” he added.
Lawal acknowledged the contributions of the United Nations Environment Programme, describing its assessment as the scientific foundation of the ongoing remediation efforts in Ogoni land.
“We are all here because of that UNEP report. It provided the scientific foundation for what has become one of the world’s most ambitious environmental remediation programmes,” he said.
According to him, hundreds of hectares of hydrocarbon-polluted land have been remediated, while additional sites are currently undergoing cleanup operations.
“We have remediated hundreds of hectares of polluted land, and more sites are still being worked on. Water schemes have also been delivered to affected communities,” he stated.
He added that ecosystem restoration, livelihood support programmes, and healthcare projects were ongoing across affected communities.
“Body health facilities are being constructed, livelihood programmes are empowering thousands, and we are also restoring access to safe drinking water because the first victim of pollution is water,” he said.
The minister also disclosed that the Centre of Excellence for Environmental Restoration was nearing completion, describing it as a major milestone in the project.
“If you go there, you will see one of the biggest edifices being constructed under HYPREP. It will serve as a postgraduate and research institute for environmental remediation,” Lawal said.
Despite the progress, he warned that funding challenges remain a major threat to sustaining the project.
“While substantial progress has been made, the journey is not yet complete. The implementation of UNEP recommendations requires long-term commitment and sustained financial and technical support,” he said.
Lawal therefore, appealed to development partners, donor agencies, international financial institutions, foundations, and private sector players to scale up their support.
“We need your support—financial, technical, scientific, and strategic. No organisation or government can do it alone,” he said.
He further described the Ogoni cleanup as a global model for environmental recovery, climate resilience, and international cooperation.
“The restoration of Ogoni land is not merely a Nigerian undertaking; it is a global model. Its success will show what is possible when governments, communities, and partners work together,” he added.
Also speaking, the Chairman of the Board of Trustees of the Ogoni Trust Fund, Emmanuel Deeyah, said the conference was organised to attract financial, technical, and institutional support for the cleanup exercise.
“We are looking for resources, financial support, expertise, partnership, and collaboration. Government cannot do everything alone,” he said.
Deeyah said the agitation for environmental justice in Ogoni dated back to 1991 when residents drew global attention to the environmental degradation caused by oil exploration activities.
“We farm in Ogoni land and we also fish, but our waters were polluted and the land could no longer support farming activities,” he said.
He explained that the UNEP report recommended that oil companies should contribute $1bn every five years for 30 years to support the remediation programme.
“We have done 10 years now and we have not even received the full $1bn that was supposed to be contributed. The refineries and local operators have not contributed a dime,” he stated.
Last week, the Hydrocarbon Pollution Remediation Project announced the closure of 30 contaminated sites in Ogoniland, Rivers State, while investigations have commenced on 18 high-risk polluted locations in residential communities.
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