Nigeria is currently servicing about $14.12bn worth of World Bank loans, according to findings by The PUNCH.
The figure covered the amount disbursed on about 108 approved loans based on data obtained by our correspondent from the website of the World Bank.
The PUNCH observed that the oldest loan being serviced was approved as far back as 1989 under the military regime of Gen. Ibrahim Babangida, while the most recent loan being serviced was approved in 2018 under the former administration of Muhammadu Buhari.
The oldest loan is the $100.9m Multistate Agricultural Development Project (03), which was approved to support the implementation of the state-wide Agricultural Development Projects, with the objective of increasing food/crop production and the income of small farmers.
Loans approved in 2018 were being serviced, disbursing funds, as they were categorised under ‘Disbursing & Repaying’.
One of such loans was the $125m fiscal governance and institutions project, which was approved on June 27, 2018.
