The World Bank has disclosed that the Nigeria Government is still repaying $10.6 billion in loans obtained under former Presidents Olusegun Obasanjo, Umaru Musa Yaradua, and Goodluck Jonathan.
The loans from 2000 include projects such as the Community-Based Poverty Reduction Project ($60 million), the Second Primary Education Project ($55 million), and the Small Town Water Supply and Sanitation Programme Pilot Project ($5 million). Additionally, the Economic Management Capacity Building Project, worth $20 million, is part of this repayment schedule.
In the early 2000s, Nigeria acquired significant loans, including the Transmission Development Project ($100 million), the Privatisation Support Project ($114 million), and the HIV/AIDS Programme Development ($90.3 million) in 2001. The following year, four major loans totaling $438 million were secured for various development projects, including health, urban development, and basic education.
Between 2003 and 2005, the government borrowed $1.1 billion from the World Bank for projects such as the Local Empowerment and Environmental Management Project ($70 million) and the Federal Government Economic Reform and Governance Project ($140 million).
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From 2006 to 2010, additional loans amounted to $4 billion, covering initiatives like the Lagos Metropolitan Development and Governance Project ($200 million) and the Malaria Control Booster Project ($180 million).
However, from 2011 to 2014, the Nigeria Government borrowed $4.3 billion more. The loans, categorized under the International Bank for Reconstruction and Development and the International Development Association, continue to be repaid as of June 30, 2024. This extensive debt highlights the long-term financial obligations faced by Nigeria from past borrowing.
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