Nigeria’s revenue crisis worsens as oil output plunges to record low
Zainab Ahmed, Nigeria's Finance Minister

Nigeria has moved one spot up in the latest top 10 International Development Association (IDA) borrowers’ list, with $13 billion debt.

IDA, part of the World Bank, helps the world’s poorest countries.

The organisation’s recently released financial statements showed that Nigeria is the fourth most indebted country, with a $13 billion debt as of June 30, 2022.

Last year, Nigeria ranked fifth on the list with $11.7 billion in the debt stock, but the country accumulated an additional $1.3 billion in debt within a year.

With the new figure, Nigeria’s debt has surpassed that of Vietnam, which previously occupied the fourth position on the borrowers’ list.

The IDA debt is different from Nigeria’s outstanding debt of $486 million to the International Bank for Reconstruction and Development (IBRD), another organisation under the World Bank Group.

The top ten countries on the IDA borrowers’ list are India, Bangladesh, Pakistan, Nigeria, Vietnam, Ethiopia, Kenya, Tanzania, Ghana and Uganda.

Meanwhile, India reduced its debt from $22 billion in 2021 to $19.7 billion in 2022, Bangladesh reduced its debt from $18.1 billion to $18 billion, Pakistan followed suit by reducing its debt from $16.4 billion to $15.8 billion and Vietnam’s debt reduced from $14.1 billion to $12.9 billion.

 

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