Nigeria, currently is servicing about $14.12 billion worth of World Bank loans as the figure covered the amount disbursed on about 108 approved loans based on data seen on the website of the World Bank.
The oldest loan being serviced was approved dating back to 1989 when General Ibrahim Babangida was the Military Head-of-State, while the most recent one being serviced was approved in 2018 under the administration of former President Muhammadu Buhari.
$100.9 million Multistate Agricultural Development Project (03) is the oldest loan, which was approved to support the implementation of the state-wide Agricultural Development Projects, with the objective of increasing food/crop production and the income of small farmers.
Loans approved in 2018 were being serviced, disbursing funds, as they were categorised under ‘Disbursing & Repaying’.
The $125 million fiscal governance and institutions project, which was approved on June 27, 2018, was one of such loans. About $40.17 million had been disbursed under this loan project.
Another loan project under disbursing and repaying was the $750 million Fiscal Governance and Institutions Project, which was approved on June 27, 2018.
It was disclosed that $737.13 million had been disbursed under this loan.
There was an additional $750 million loan approved on December 14, 2020, under this loan project.
However, this second approval was undergoing disbursement with no repayment required yet.
The $364 million loan and the $122 million loan approved in 2018 under the Electricity Transmission Project were currently being repaid while disbursement is still ongoing and about 68 loans worth about $4.79bn had been fully repaid over the years.
Nigeria is usually expected to begin servicing a number of the loans after five years of approval and up to over 30 years.
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