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Nigeria Becomes World Bank’s IDA Third-largest Debtor, Owes $16.5 Billion
Nigeria Becomes Third-Largest Debtor to World Bank’s IDA
As of June 30, 2024, Nigeria has become the third-largest debtor to the World Bank’s International Development Association (IDA), following a substantial rise in its borrowing from the institution.
A financial statement dated June 30, 2024, which was recently released and obtained by our correspondent, reveals this development. The IDA, a key arm of the World Bank, offers concessional loans and grants to the world’s poorest countries.
These loans feature low interest rates and extended repayment periods, aiming to boost economic growth, reduce inequalities, and improve living conditions in developing nations.
According to the World Bank’s latest financial statements, Nigeria’s debt to the IDA increased by 14.4 percent, rising from $14.3 billion in the fiscal year 2023 to $16.5 billion in 2024. This $2.2 billion increase marks Nigeria’s debut among the top three IDA debtors, moving up from its previous position as the fourth-largest borrower in 2023.
During the fiscal year from July 2023 to June 2024, Nigeria secured at least $2.2 billion in new loans from the IDA under President Bola Tinubu’s administration. This figure does not include outstanding loans from the World Bank’s International Bank for Reconstruction and Development (IBRD), which operates separately from the IDA.
Bangladesh remains the largest IDA debtor, with its exposure rising from $19.3 billion in 2023 to $20.5 billion in 2024. Pakistan holds the second position with a stable exposure of $17.9 billion.
India, which was the third-largest borrower in 2023 with $17.9 billion, saw its IDA exposure decrease to $15.9 billion in 2024, allowing Nigeria to surpass it.
Other notable IDA borrowers include Ethiopia, with its debt increasing from $11.6 billion in 2023 to $12.2 billion in 2024, and Kenya and Vietnam, both with $12.0 billion in exposure this year. Tanzania, Ghana, and Uganda also feature prominently among the top ten IDA debtors, together accounting for 63 percent of the IDA’s total exposure as of June 30, 2024.
Additionally, data from the Central Bank of Nigeria’s international payment portal reveals that the Tinubu administration spent $5.39 billion on debt servicing out of a total of $9.1 billion in international payments between June 2023 and July 2024.
This amounts to 59 percent of the total international payments made during this period. The highest debt servicing payment was $854.36 million in May 2024, while the lowest was $50.82 million in June 2024.
The total international payments made by the CBN during this period showed a steady increase, with the highest payment recorded in May 2024 at $1.24 billion.
Federal Government Refutes Age Restrictions for NECO and WAEC Exams
The Federal Government has dismissed rumors suggesting that age restrictions apply to the National Examination Council (NECO) and West African Examination Council (WAEC) exams.
Dr. Tanko Sununu, the Minister of State for Education, clarified this in Abuja on Friday, affirming that there are no age limits for taking these exams. He explained that the age restriction applies only to the Unified Tertiary Matriculation Examination (UTME) and university entry, which will start at 18 years beginning in 2025.
Sununu pointed out that the National Policy on Education specifies that children should start primary school at age six, spend six years there, and then proceed to three years each in junior and senior secondary schools, totaling 18 years.
His remarks came during a briefing for the 2024 World Literacy Day, themed “Promoting Multilingual Education: Literacy for Mutual Understanding and Peace.”
Sununu addressed the confusion, stating, “We have clarified this issue in various forums, but the misinformation persists. Neither the Minister of Education, Prof. Tahir Mamman, nor I have announced any age limit for WAEC, NECO, or NABTEB exams.”
He added, “Some individuals have misinterpreted our comments regarding UTME age restrictions and mistakenly applied them to WAEC and NECO. Our previous statements only pertained to university entry age, as outlined in the National Policy on Education.”
Sununu also highlighted that the policy supports teaching children in their local language or mother tongue until primary three, after which English is introduced. This approach, he noted, facilitates better communication and learning.
President Tinubu Pledges Bold Decisions for Nigeria’s Progress
President Bola Tinubu has affirmed his commitment to making the tough decisions needed for Nigeria’s progress. He acknowledged the challenge of achieving national consensus on various issues but underscored that such decisions are crucial for the country’s advancement.
Wrapping up his official visit to China, President Tinubu met with the Nigerian community and members of the Nigerians in Diaspora Organization (NIDO China) at the China World Hotel. He described the trip as highly successful and beneficial.
During his visit, President Tinubu engaged in discussions with Chinese leaders, including President Xi Jinping and Premier Li Qiang, and participated in the 2024 Forum on China-Africa Cooperation (FOCAC). The focus was on boosting collaboration in areas such as infrastructure, trade, finance, energy, the green economy, and mining.
Addressing Nigerians in China, President Tinubu emphasized the importance of representing Nigeria positively and being exemplary citizens. He highlighted the need for discipline and dedication, drawing inspiration from China’s disciplined society.
The President encouraged Nigerians abroad to embrace their diversity, follow local laws, and project a positive image of their country. He stated:
“Nigeria is undergoing significant reforms, and we are making bold and unprecedented decisions. You might have heard recent news about fuel prices at home. But can we avoid these tough choices if we want to improve our infrastructure, like roads, electricity, and water supply? We aim to hand over a better future to our children, and that requires us to make hard decisions now.”
President Tinubu Wraps Up China Visit and Heads to London via Dubai
On Friday, September 6th, President Bola Tinubu concluded his official visit to China and is now en route to London, United Kingdom, with a stopover in Dubai.
Bayo Onanuga, Tinubu’s Special Adviser on Information and Strategy, confirmed that the President will travel to the UK via Dubai.
During his visit, President Tinubu assured Nigerians in China that his administration is committed to good governance and aims to replicate China’s successes for the benefit of Nigeria. He made these remarks during a meeting with the Nigerians in Diaspora Organization in China (NIDO China) and the Nigerian community at the China World Hotel in Beijing.
The meeting marked President Tinubu’s final official engagement in China before his departure for London.
President Tinubu described his visit to China as “very good and successful.”
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