Nigeria, others spend $441bn on debt servicing – World Bank
Nigeria and other developing countries have spent about $441bn on debt-serving in the past 40 years, according to a new World Bank report.
The World Bank report also disclosed that Nigeria received $2.9b and topped the recipients of its fresh loans in 2022.
According to its International Debt Report for 2023, Nigeria was followed by Tanzania, which got $2.7bn in the same year.
The report read in part, “Nigeria and Tanzania were the top recipients of new financing from the World Bank in 2022, at US$2.9bn and US$2.7 billion, respectively.”
The external debt stock report of the Debt Management Office showed that Nigeria owed the World Bank $14.51bn as of June 30, 2023.
In a statement announcing the latest publication, the World Bank warned that the poorest countries were at risk of debt crises due to the surge in global interest rates.
Nigeria, others spend $441bn on debt servicing – World Bank
Nigeria and other developing countries have spent about $441bn on debt-serving in the past 40 years, according to a new World Bank report.
The World Bank report also disclosed that Nigeria received $2.9b and topped the recipients of its fresh loans in 2022.
According to its International Debt Report for 2023, Nigeria was followed by Tanzania, which got $2.7bn in the same year.
The report read in part, “Nigeria and Tanzania were the top recipients of new financing from the World Bank in 2022, at US$2.9bn and US$2.7 billion, respectively.”
The external debt stock report of the Debt Management Office showed that Nigeria owed the World Bank $14.51bn as of June 30, 2023.
In a statement announcing the latest publication, the World Bank warned that the poorest countries were at risk of debt crises due to the surge in global interest rates.
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