Overview of Nigeria’s Loans and their Repayment

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A brief overview of Nigeria’s loans.
FG Repaying 69 Loans Obtained by Past Regimes – World Bank Declares.

1. Introduction
The World Bank Group Finances revealed that the Nigerian Federal Government is still repaying loans obtained under former Presidents Olusegun Obasanjo, Umaru Musa Yaradua, and Goodluck Jonathan.

2. Debt Overview
In May 29, 2023, Tinubu inherited $113 billion debt (Foreign+Domestic).

3. In March 2024, less than a year in office, the debt reduced from $113 to $91 billion – that’s a $22 billion reduction.

Nigeria’s total domestic and external debts stood at ($91.46 billion) as at March 2024.

4. Loan Details Between 2000 and 2014
The World Bank Group Finances platform disclosed that the Federal Government is repaying at least 69 different loans secured between 2000 and 2014.

The loans are categorized under the International Bank for Reconstruction and Development and the International Development Association, which are part of the World Bank.

Details of Debts Between 2000 – 2014

5. Specific Loans from 2000:
Loans from 2000 include the Community Based Poverty Reduction Project ($60 million), Second Primary Education Project ($55 million), Economic Management Capacity Building Project ($20 million), and Small Town Water Supply and Sanitation Programme Pilot Project ($5 million).

6. Loans from 2001:
Loans from 2001 include the Transmission Development Project ($100 million), Privatisation Support Project ($114 million), and HIV/AIDS Programme Development ($90.3 million).

7. Loans from 2002:
In 2002, the Federal Government obtained four loans totaling $438 million, including the Second Health System Development Project ($127 million), Community-Based Urban Development Project ($110 million), Lagos Urban Transport Project ($100 million), and Universal Basic Education Project ($101 million).

8. Loans from 2003-2005:
Between 2003 and 2005, the government obtained World Bank loans worth $1.1 billion, including the Local Empowerment and Environmental Management Project ($70 million), Second FADAMA Development Project ($100 million), Micro, Small and Medium Enterprises Project ($32 million), Federal Government Economic Reform and Governance Project ($140 million), and Sustainable Management of Mineral Resources ($120 million).

9. Loans from 2006-2010:
The government secured a total of $4 billion in loans between 2006 and 2010, including the Lagos Metropolitan Development and Governance ($200 million), Avian Influenza Control and Human Pandemic Preparedness and Response Project for Nigeria ($50 million), and Malaria Control Booster Project ($180 million).

10. Loans from 2011-2014: Between 2011 and 2014, the government obtained $4.3 billion in loans, which are still being repaid as of June 30, 2024.

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