Ndubuisi Francis, Adedayo Akinwale and Sunday Aborisade in Abuja
Nigeria’s indebtedness to the International Development Association (IDA), a member of the World Bank Group (WBG) grew by $600 million in three months, rising from $16.5 billion in June 2024 to $17.1 billion as of September 2024.
This emerged as President Bola Tinubu yesterday requested the National Assembly to approve the sum of $2.209 billion (N1.767 trillion), already provided for in the 2024 Appropriation Act. The N1.767 trillion loan was captured in the external borrowing plan for the implementation of the N28.7 trillion 2024 budget. Tinubu made the request in separate letters read on the floors of the Senate and House of Representatives during plenary.
The IDA provides concessional loans and grants to governments of the poorest countries, and complements the World Bank’s original lending arm—the International Bank for Reconstruction and Development (IBRD).
Based on its…
Source: Thisday Newspaper
