Nigeria has become the third-largest debtor to the World Bank’s International Development Association, IDA, as of June 30, 2024, reflecting a significant increase in the country’s borrowing from the institution.
According to the World Bank’s financial statements, Nigeria’s exposure to the IDA rose by 14.4% from $14.3 billion in the fiscal year of 2023, to $16.5 billion in 2024.
This $2.2 billion increase places Nigeria among the top three IDA debtors for the first time, a notable shift from its previous position as the fourth-largest borrower in 2023.
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The fiscal year for 2024 runs from July 2023 to June 2024, which means that Nigeria has received at least $2.2 billion from the World Bank under the administration of President Bola Tinubu.
