The total debt owed to the World Bank Group by Nigeria rose by $660 million in the first six months of 2022. This is according to data from both the Debt Management Office (DMO) and the financial statements of the World Bank.

According to data from the DMO, Nigeria’s debt to the World Bank was $12.38 billion as at December 31,2021. The financial statements of the World Bank for the 2022 fiscal year indicate that Nigeria owes the lending institution $13.04 billion.

In The International Bank for Reconstruction (IBRD) and International Development Association (IDA), which make up the World Bank, have, over the years, advanced loans to Nigeria. Nigeria’s debt to the IDA and IBRD stood at $12.55billion and $486million respectively as of June 30, 2022 compared to $410million in December 2021.

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