Nigeria has been ranked in fourth position on the World Bank’s top 10 International Development Association (IDA) borrowers’ list with $14.3 billion in debt.
This was revealed in a World Bank Fiscal Year 2022 audited financial statement, which showed that Nigeria moved to the fourth position on the list with $13 billion IDA debt stock as of June 30, 2022.
According to Politics Nigeria, even though Nigeria maintains the fourth position, it has accumulated about $1.3 billion in debt within one year.
However, according to the World Bank’s Fiscal Year 2023 audited financial statement, Nigeria owed around $14.3 billion in IDA debt stock as of June 30, 2023, but maintained its fourth position on the list.
Bangladesh surged up the rankings to become the largest IDA debtor, surpassing India ($17.9 billion in debt), which dropped to second place.
Pakistan retained its third-place ranking from the previous fiscal year, with a debt of $16.9 billion.
According to the World Bank 2022 audited statement, Nigeria has the greatest IDA debt in Africa, while the top three Asian borrowers are Bangladesh, India, and Pakistan.
In addition, according to the World Bank 2023 Annual Report, Nigeria was one of the top ten countries that received new IDA loans this year.
According to the study, the bank allocated $1.55 billion to Nigeria in the fiscal year 2023, making the country the ninth-highest beneficiary.