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President Muhammadu Buhari Leads Nigeria To Emerge As The 4th Country In The World With The Biggest Debt Owed To The World Bank At $13 Billion, As At June 30, 2022, Under The World Bank’s Top 10 International Development Association Borrowers’ List

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President Bola Tinubu’s Camp Reveals Technically That President Muhammadu Buhari Emptied Nigeria’s Treasury Before Leaving Office, Says “Subsidy Of Fuel Is No Longer Unsustainable, As The Federal Government Is Virtually Broke”, With Massive Local And International Debts

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    President Bola Tinubu’s Camp Reveals Technically That President Muhammadu Buhari Emptied Nigeria’s Treasury Before Leaving Office, Says “Subsidy Of Fuel Is No Longer Unsustainable, As The Federal Government Is Virtually Broke”, With Massive Local And International Debts

    President Bola Tinubu’s Camp Reveals Technically That President Muhammadu Buhari Emptied Nigeria’s Treasury Before Leaving Office, Says “Subsidy Of Fuel Is No Longer Unsustainable, As The Federal Government Is Virtually Broke”, With Massive Local And International Debts

    Femi Falana Exposes The Disobedience Of The Law Under President Bola Tinubu, Argues That With NNPC Now A Limited Liability Company Like Total, Shell And Exxon Mobil, It No Longer Has The Legal Power To Fix Petrol Pump Price In Nigeria, Says “That Duty Is Vested In The FG” And The Latest Increase By NNPC Is Illegal

    Femi Falana Exposes The Disobedience Of The Law Under President Bola Tinubu, Argues That With NNPC Now A Limited Liability Company Like Total, Shell And Exxon Mobil, It No Longer Has The Legal Power To Fix Petrol Pump Price In Nigeria, Says “That Duty Is Vested In The FG” And The Latest Increase By NNPC Is Illegal

    Return State’s Properties In Your Possession – Abia Government Warns Appointees Of Previous Administration

    Return State’s Properties In Your Possession – Abia Government Warns Appointees Of Previous Administration

    Celebrate Me Now That I Am Alive. I Need A Car From You People – Iya Gbonkan Tells Her Fans

    Celebrate Me Now That I Am Alive. I Need A Car From You People – Iya Gbonkan Tells Her Fans

    Shehu Sani Challenges President Bola Tinubu To The Integrity Test, Says “Set Aside Party Solidarity And Tell The Country The Truth About What They Inherited” From The President Buhari FG, Adds “It Is Unfair To Ask The Poor Masses To Make Sacrifices, Without Knowing The Details Of What Happened Under The Last Administration

    Shehu Sani Challenges President Bola Tinubu To The Integrity Test, Says “Set Aside Party Solidarity And Tell The Country The Truth About What They Inherited” From The President Buhari FG, Adds “It Is Unfair To Ask The Poor Masses To Make Sacrifices, Without Knowing The Details Of What Happened Under The Last Administration

    BREAKING: Massive Jubilation, As 2023 Presidential Election Tribunal Ignores The Opposition From APC, INEC And President Bola Tinubu, Admits The Evidence (CTC Of Election Results In Rivers, Kogi, Adamawa And Niger States) Presented By LP’s Peter Obi To Prove He Is The Authentic Winner Of The 2023 Presidential Poll

    BREAKING: Massive Jubilation, As 2023 Presidential Election Tribunal Ignores The Opposition From APC, INEC And President Bola Tinubu, Admits The Evidence (CTC Of Election Results In Rivers, Kogi, Adamawa And Niger States) Presented By LP’s Peter Obi To Prove He Is The Authentic Winner Of The 2023 Presidential Poll

    Rivers State Governor, Sim Fubara, Knocked For Tweeting That His State Is A Christian State And Will Stay Strong To Its Christian Values

    Rivers State Governor, Sim Fubara, Knocked For Tweeting That His State Is A Christian State And Will Stay Strong To Its Christian Values

    In Just 72 Hours President Bola Tinubu Changed The Trajectory Of Nigerian Leadership – Adamu Garba

    In Just 72 Hours President Bola Tinubu Changed The Trajectory Of Nigerian Leadership – Adamu Garba

    “I Would Have Been Another Dadiyata But Almighty Saved My Life Under The Government Of Mr. El-Rufai” – Shehu Sani Recalls How He Escaped Assassination Attempts

    “I Would Have Been Another Dadiyata But Almighty Saved My Life Under The Government Of Mr. El-Rufai” – Shehu Sani Recalls How He Escaped Assassination Attempts

    BREAKING: Tinubu Appoints Gbajabiamila Chief Of Staff

    BREAKING: Tinubu Appoints Gbajabiamila Chief Of Staff

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President Muhammadu Buhari Leads Nigeria To Emerge As The 4th Country In The World With The Biggest Debt Owed To The World Bank At $13 Billion, As At June 30, 2022, Under The World Bank’s Top 10 International Development Association Borrowers’ List

by peter
August 10, 2022
in News
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President Muhammadu Buhari Leads Nigeria To Emerge As The 4th Country In The World With The Biggest Debt Owed To The World Bank At $13 Billion, As At June 30, 2022, Under The World Bank’s Top 10 International Development Association Borrowers’ List
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The newly released World Bank Fiscal Year 2022 audited financial statement, known as the International Development Association, IDA, financial statement, showed that Nigeria has moved from 5th position on the borrowers’ list as at June 30, 2021, with $11.7 billion, to 4th position with $13 billion IDA debt stock as at June 30, 2022,

This debt is different from the outstanding loan of $486 million, from the World Bank’s International Bank for Reconstruction and Development.

The top 5 countries on the list slightly reduced their IDA debt stock for 2022, except Nigeria.

India, which is still the first on the list, reduced its IDA debt stock from $22 billion in the previous fiscal year to $19.7 billion, followed by Bangladesh from $18.1 billion to $18 billion.

It is followed by Pakistan, which cut its debt from $16.4 billion to $15.8 billion, and lastly, Vietnam, which went down the list to 5th position, from $14.1 billion to $12.9 billion.

Nigeria has the highest IDA debt in Africa, as the top 3 IDA borrowers (India, Bangladesh and Pakistan) are from Asia.

The World Bank disclosed recently that Nigeria’s debt, which may be considered sustainable for now, is vulnerable and costly.

The Bank had said: “Nigeria’s debt remains sustainable, albeit vulnerable and costly, especially due to large and growing financing from the Central Bank of Nigeria.”

However, the Washington-based global Financial Institution added that the country’s debt is also at risk of becoming unsustainable in the event of macro-fiscal shocks.

The Bank further expressed concerns over the nation’s cost of debt servicing, which according to it, disrupted public investments and critical service delivery spending.

More news later…

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