NewStats: 3,261,931 , 8,175,569 topics. Date: Saturday, 31 May 2025 at 05:34 AM 1p24

The World Bank Group Finances has revealed that the Federal Government is still repaying $10.6bn in loans obtained under former Presidents Olusegun Obasanjo, late Umaru Musa Yaradua, and Goodluck Jonathan.

Recall that in June 2024, the Debt Management Office said as of March 31, 2024, Nigeria’s domestic and external debts stood at N121.67tn ($91.46bn).

The domestic debt was put at N65.65tn ($46.29bn), while external debt stood at N56.02tn ($42.12bn).

Saturday PUNCH gathered that part of the foreign debt was the $4.95bn in loans obtained by the current istration in its first 12 months, just as the Central Bank of Nigeria said a total of $15.55bn had been spent on debt servicing between 2019 and 2024.

However, the WBG Finances, a digital platform, revealed that the Federal Government was still repaying at least 69 different loans secured between 2000 and 2014.

The platform, an initiative of the World Bank Group Finance and ing, offers public financial data and portfolio information from across all WBG entities.

It said, part of the World Bank loans still being repaid include the Community Based Poverty Reduction Project ($60m), Second Primary Education Project ($55m), Economic Management Capacity Building Project ($20m), and Small Town Water Supply and Sanitation Programme Pilot Project ($5m), all obtained in 2000.

Those for 2001 include the Transmission Development Project ($100m), Privatisation Project ($114m), and HIV/AIDS Programme Development ($90.3m).

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

Between 2003 and 2005, the government obtained WB loans worth $1.1bn, and they are all still being repaid. Some of the loan titles include the Local Empowerment and Environmental Management Project ($70m), Second FADAMA Development Project ($100m), Micro, Small and Medium Enterprises Project ($32m), Federal Government Economic Reform and Governance Project ($140m), and Sustainable Management of Mineral Resources ($120m).

Similarly, the government secured a total loan of $4bn between 2006 and 2010 and $4.3bn in other loans between 2011 and 2014. But they are all still being repaid as of June 30, 2024, when the platform was last updated.

Some of the loans obtained during this period are the Lagos Metropolitan Development and Governance ($200m), Avian Influenza Control and Human Pandemic Preparedness and Response Project for Nigeria ($50m), and Malaria Control Booster Project ($180m), all secured in 2006.

As revealed on the platform, the loans are categorised under the International Bank for Reconstruction and Development and the International Development Association, which make up the World Bank.

While IBRD lends to governments of middle-income and creditworthy low-income countries, IDA provides interest-free loans – called credits – and grants to governments of the poorest countries.

However, the loan list does not include Trust Funds, Financial Intermediary Funds (FIFs) Commitments, loans to IFC, nor IBRD/IDA guarantees, the platform revealed.

https://punchng.com/fg-repaying-69-loans-obtained-by-ex-presidents-wbank-declares/

Let’s be truthful, Nigeria is finished, beyond what any physical or spiritual entity can repair.

If I try to agree that hope is never lost, I am still certain not in next 150 years.

if the politicians stopped stealing, we would have been debt free even before GEJ's government ended. Alas, he said stealing is not corruption.

GEJ's governement was riled with policies that didn't really improve standard of living or economic potential of Nigeria. it was too bad. Then Nigerians went for Buhari.... omo we have suffered

This is a responsible move by the FG. It's crucial to address past debts to ensure a stable financial future for the country.

sIfioksq:
This is a responsible move by the FG. It's crucial to address past debts to ensure a stable financial future for the country.

Oga na only interest then pay.....the principal still dey kampe

OBJ cleared our debts only to take another round of debts with the help of Okonjo Iweala as the errand girl. They kept it a secret from Nigerians yet same man saying some leaders ought to be behind bar, whereas in a saner clime, he'd be spending the remainder of his life in jail. Jagaban has come to carry a heavy burden and only the brave could throw himself into a deep ocean to rescue a sinking nation. Only the wise would understand, not the gullible and emotional nitwits. So far, Jagaban has been able to reduce our revenue-debt ratio from 98% to 67%. There're only better days ahead.

-Kiss the truth!

Presently borrowing more to pay debt

We go pay

We go borrow more

We go owe everywhere there is money.
We move,others will pay

Who go help me relocate to Rwanda bayi

No wahala, this is the reality of governance. The current FG is just cleaning up the mess from past istrations. Steady progress, one step at a time!

adamusuleiman3:
↪The World Bank Group Finances has revealed that the Federal Government is still repaying $10.6bn in loans obtained under former Presidents Olusegun Obasanjo, late Umaru Musa Yaradua, and Goodluck Jonathan.
Recall that in June 2024, the Debt Management Office said as of March 31, 2024, Nigeria’s domestic and external debts stood at N121.67tn ($91.46bn).
The domestic debt was put at N65.65tn ($46.29bn), while external debt stood at N56.02tn ($42.12bn).
Saturday PUNCH gathered that part of the foreign debt was the $4.95bn in loans obtained by the current istration in its first 12 months, just as the Central Bank of Nigeria said a total of $15.55bn had been spent on debt servicing between 2019 and 2024.
However, the WBG Finances, a digital platform, revealed that the Federal Government was still repaying at least 69 different loans secured between 2000 and 2014.

Just imagine the level of debt and if you look around all of Nigeria, you will find nearly no evidence of all that money. Why the people continue to look on is beyond me.

Tinubu self go don tire for Nigeria matter.

Anyway baba talk say make we no pity am.

These people don use our tenth generation take do collateral take collect loans

And the worst part is that the loans weren't properly used,but instead were looted....

This country no go fit good at all.

Seriously and also borrowing to fund the government. Something is fishy. Please let's check the identity of the world bank staff that said such. It must be those owmberians.

NwaNimo1:

This your mem is funny. Asiwaju broke my heart sha

Sonnobax15:

These people don use our tenth generation take do collateral take collect loans

And the worst part is that the loans weren't properly used,but instead were looted....

This country no go fit good at all.

Paying loan and collecting loan

This is just a reminder that managing debts from past istrations is no small feat.

FG is doing the best they can under the circumstances. Let's focus on how to improve our economy moving forward instead of dwelling on the past.

It is annoying to see the so-called educated illiterate abusing Tinubu up and down as their brain can't fathom the enormous challenges faced by this government

PDP istrations was borrowing in millions of dollars APC came and raise the bar by borrowing in billions that is why they borrowed times 4 in 8 years what PDP borrowed in 16 years.

sIfioksq:
This is a responsible move by the FG. It's crucial to address past debts to ensure a stable financial future for the country.

lolz, during the time of obj, when okonji eweala was the minister of finance, our debt was paid, so they shouldn't add obj and as at jona time, our debt was 16billion naira

So OBJ borrow money?

This is a step in the right direction! It shows that the FG is taking responsibility and ensuring that past debts are being addressed. It's crucial for economic stability and rebuilding trust in our financial system. Let’s hope this commitment leads to better management of future loans.

No be the same Obasanjo weh dey preach recently as if he is any different.

Lobatan!

OBJ, Yaradua, GEJ, Buhari see your lives.

Obasanjo is the only Nigeria's past leader saint- according to him

Yet taking new loas almost every 3 months.

Who una dey fool?

If the world Bank and IMF tell you to go right; ignore them and go left. They're all about world population control.

AllenSpencer:
Let’s be truthful, Nigeria is finished, beyond what any physical or spiritual entity can repair.

If I try to agree that hope is never lost, I am still certain not in next 150 years.

Imagine 69 Loans way back 2003 I swear when I read stuff like this I find it hard to totally blame Tinubu for our economic woes because you can't owing these much loans and be rich.

The rot in the system is way far back years ago.

Ebigwei007:
lolz, during the time of obj, when okonji eweala was the minister of finance, our debt was paid, so they shouldn't add obj and as at jona time, our debt was 16billion naira

You don't know what you're saying.

16B is just 1 building in Ikoyi or VI.

Ebigwei007:
lolz, during the time of obj, when okonji eweala was the minister of finance, our debt was paid, so they shouldn't add obj and as at jona time, our debt was 16billion naira

obj didn't clear our debt . Pls stop.sauing nonsense.

Tinubu and Buhari are the biggest culprits

Saint OBJ owe gbese?
Ahhhhh

Yankee101:
Tinubu and Buhari are the biggest culprits

Did you read the headline or you are just mischievous