Nigeria’s borrowing from the World Bank has risen by 121.46 per cent under the regime of President Muhammadu Buhari.
The total debt owed to the World Bank Group by Nigeria rose by $7.64bn in seven years.
The International Bank for Reconstruction and Development lends to governments of middle-income and creditworthy low-income countries, while the IDA provides concessionary loans – called credits – and grants to governments of the poorest countries.
Data showed that in 2016, Nigeria had a debt of $6.29bn from IDA and $3.57m from IBRD, but by 2022, the borrowing through IDA was $13.45bn while the one from IBRD was $487.03m.