World Bank says Nigeria still repaying $10.6bn loans taken by former presidents

A recent report by the World Bank Group Finances has revealed that Nigeria is still repaying $10.6 billion in loans obtained by former Presidents Olusegun Obasanjo, Umaru Musa Yar’Adua, and Goodluck Jonathan.

According to the report, the loans, totaling 69, were taken between 2000 and 2014, and are still being repaid by the current administration.

The loans were used to fund various projects, including poverty reduction, education, healthcare, and infrastructure development.

The report also shows that Nigeria’s total domestic and external debt stood at N121.67 trillion ($91.46 billion) as of March 31, 2024.

The domestic debt amounted to N65.65 trillion ($46.29 billion), while external debt was N56.02 trillion ($42.12 billion).

In addition, the report reveals that the current administration has taken on new loans, including $4.95 billion in the first 12 months of President Bola Tinubu’s administration.

The Central Bank of Nigeria also reported that a total of $15.55 billion was spent on debt servicing between 2019 and 2024.