Nigeria's debt to the World Bank has increased to $6.42 trillion

Under President Muhammadu Buhari's administration, Nigeria's debt to the World Bank has increased by 121.46% to $13.93 billion (6.422 trillion). According to The PUNCH, Nigeria's overall debt to the World Bank Group increased by $7.64 billion (3.52 trillion) between 2015 and 2022.According to data from the Debt Management Office's external debt stock reports, Nigeria's debt to the World Bank increased from $6.29 billion (2.9 trillion) in December 2015 to $13.93 billion (6.422 trillion) in December 2022. The World Bank has provided financial assistance to Nigeria over the years through its International Development Association, IDA, and the International Bank for Reconstruction and Development, IBRD. A monthly overview of Nigeria's debt to the World Bank from 2016 through 2021 revealed that the country's total borrowing was $6.67 billion in 2016, $8.03 billion in 2017, $8.67 billion in 2018, $10.1 billion in 2019, $11.53 billion, and $12.38 billion in 2021. Nigeria has been named one of the World Bank's top ten International Development Association borrowers, owing to its expanding debt profile.