Since assuming office, President Bola Tinubu has already borrowed $4.95 billion from the two institutions.
Punch reports that the new loans are expected to push Nigeria’s public debts above the N100 trillion mark.
According to data from the Debt Management Office, the nationâs public debt is approximately N97 trillion as of December 2023.
With the new loan, each citizen’s debt will rise to N436,677 when the N100 trillion debt is divided by a population of 229 million.
The World Bank approved loans for various projects in line with its mandate to reduce global poverty.
The global institution listened to countries’ demands for funds for infrastructure development, education, healthcare, and environmental sustainability.
Since coming into power, the Tinubu administration has approached the World Bank for different needs.
The World Bank approved funding for six projects:
Aside from the World Bank, Nigeria will also get new loans from the African Development Bank.
AfDB has already approved $134 million for Nigeria to implement an emergency food production plan.
Additionally, there are plans to provide a $1.7 billion economic and budget support loan and launch a $1 billion agro-industrial prTinubu’s 28 states.
Earlier, LegNigeria’sorted that Nigeria’s Debt Management Office (DMO), on behalf of the Federal Government of Nigeria, has announced two-year and three-year savings bonds for October 2023.
According to a statement by DMO, the offer opens on October 03, 2023, and closes on October 06 2023.
The debt office also said the bonds come with an interest rate of up to 12 per cent, and subscriptions will be open for four days.
Source: TimesNow.com.ng
