Nigeria spent $1.79bn in five years on servicing the debts owed to World Bank and the Exim Bank of China, according to an analysis of data on actual external debt service payments from the Debt Management Office.
The country paid the World Bank a total of $1.19bn, which included $854.48m to the International Development Association and $341.57m to the International Bank for Reconstruction and Development.
A total of $591.11m was paid to the Exim Bank of China, for nine projects for which loans were taken.
The projects included Nigeria Communication Satellite Project, Nigeria National Public Security Communication System Project, Nigeria Railway Modernisation Project (Idu-Kaduna Section), Nigeria Railway Modernisation Project (Lagos-Ibadan Section), Nigeria Abuja Light Rail Project, Nigeria ICT Infrastructure Backbone Project, Nigeria Four Airport Terminals Expansion Project, Nigerian Zungeru Hydroelectric Project, Nigerian Rehabilitation, and the upgrading of Abuja-Keffi-Makurdi Road Project.
Most of the loans from the World Bank were also tied to a programme or an infrastructure project.
On December 14, 2020, for instance, the World Bank approved a $1.5bn loan for Nigeria, earmarked for two projects, namely Nigeria COVID-19Action Recovery and Economic Stimulus Programme and the State Fiscal Transparency, Accountability, and Sustainability Programme.
The bank had on June 27, 2018, approved a loan of $775m for the Fiscal Governance and Institutions Project, Nigeria Erosion and Watershed Management Project (additional financing), Nigeria Polio Eradication Support Project (additional financing), Nigeria Electrification Project and the State Fiscal Transparency, Accountability and Sustainability schem