Nigeria, Three Others Top World Bank Debtors’ List

The current rising debt of Nigeria has pushed the country up the World Bank’s top 10 International Development Association borrowers’ list.

The World Bank Fiscal Year 2021 audited financial statements, known as the IDA financial statement, showed that Nigeria was rated fifth on the list with $11.7bn IDA debt stock as at June 30, 2021.

However, the newly released World Bank Fiscal Year 2022 audited financial statements for IDA showed that Nigeria has moved to the fourth position on the list, with $13bn IDA debt stock as of June 30, 2022.

This shows that Nigeria accumulated about $1.3bn IDA debt within a fiscal year, with the country taking over the fo urth top debtor position from Vietnam.

This debt is different from the outstanding loan of $486m from World Bank’s International Bank for Reconstruction and Development.

The top five countries on the list slightly reduced their IDA debt stock except Nigeria.

India, which is still the first on the list reduced its IDA debt stock from $22bn in the previous fiscal year to $19.7bn, followed by Bangladesh from $18.1bn to $18bn.

It is followed by Pakistan which cut its debt from $16.4bn to $15.8bn, and lastly, Vietnam, which went down the list to fifth position, from $14.1bn to $12.9bn.

Nigeria has the highest IDA debt in Africa, as the top three IDA borrowers (India, Bangladesh and Pakistan) are from Asia. The World Bank disclosed recently that Nigeria’s debt, which may be considered sustainable for now, is vulnerable and costly.

The bank said, “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria".

In a document by the Director General of the Debt Management Office, Patience Oniha, recently, the DMO stated that high debt levels would often lead to high debt services and affect investments in infrastructure.

According to the DMO DG, “High debt levels lead to heavy debt service which reduces resources available for investment in infrastructure and key sectors of the economy".

Comments

NCS Medical Team Trains Apapa Area Command Officers On First Aid

The Nigeria Customs Service (NCS) medical team yesterday trained officers and men of the Apapa Area Command on basic first aid training. ‎ ‎The Customs Area Controller of the Command, Comptroller Emmanuel Oshoba according to a press release issued by the public relations officer of the command, Superintendent of Customs SC JT Ayagbalo described the initiative as a crucial investment in workplace safety and operational readiness. ‎ ‎In his welcome address, Comptroller Oshoba emphasized that the programme reflects the priority placed on staff welfare by the Comptroller-General of Customs, Bashir Adewale Adeniyi, MFR. ‎ ‎He described first aid knowledge as a universal life skill that every adult should possess, especially officers as they are frequently exposed to high-risk operational environments. ‎ ‎ Oshoba noted that simple but timely interventions such as; CPR, bleeding control, choking relief and stroke recognition often determine whether a victim survives, fully recov...

NIMASA Reshuffles Management Team For Enhanced Efficiency And Inter-departmental Collaboration

I n an exercise aimed at strengthening inter-departmental collaboration and inject new energy into the system to further improve performance and enhance efficiency across the maritime sector, The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced a strategic redeployment of its management staff as part of efforts to enhance operational efficiency and service delivery in line with its core mandate. Under the new structure, according to a press statement issued by Mr. Edward Osagie FNIPR, Head, Public Relations Officer of the agency, a total of 56 management staff were affected in the exercise. Notable amongst those redeployed are; Hajia Moji Jimoh who becomes Director, Administration and Human Resources; Aishatu Jidda, Director, Planning, Research and Data Management Services; Barr. Heaky Dimowo, Director, Legal Services/Board Secretary; Isichei Osamgbi, Director, SERVICOM; and Mrs. Olubusola Obasanjo-Akande, Director, Western Zone. Othe...

Comptroller Otunla Gives Insights On Strategies Adopted In Achieving Mandate At Ogun1 Command

Comptroller Godwin Aderounmu Otunla, who assumed duties as Customs Area Controller of Ogun 1 Area Command of the Nigerian Customs Service Idiroko, Ogun State on Thursday 24th of April 2025 has continued to build on existing successes, strengthening the fight against smuggling and emphasizing his commitment to professionalism and integrity in customs operations. The Comptroller, in an exclusive interview with a group of selected journalists at the command's headquarters in Idiroko last Friday in the presence of the Public Relations Officers of the Command, CSC Chado Zakari revealed strategies he has adopted in achieving his mandate of trade facilitation, anti smuggling and revenue generation not leaving out officers welfare at the command. Excerpts : Question : Sir, having served for upward of 34 years now and reaching the pinnacle rank of Comptroller of Customs, and Customs Area Controller, how would you describe the feelings sir?‎ Response: Yes, am very, very elated with good ...

Maritimegistplus

Search This Blog