The Federal Government has borrowed a total of $4.95bn in loans from the World Bank in the past 12 months, pushing the total public debt to N101tn amidst worries about the increasing costs of servicing external debt.
The nation’s public debt was put at approximately N97tn as of December 2023, according to the Debt Management Office data.
This came as the government still expects fresh loan approval worth $4.4bn from the international lender and the Africa Development Bank over the next one year.
An analysis by our correspondent showed that the bank approved funding for six projects including $750m for power sector financing, $500m for women empowerment, $700m for girl child education, $750m for renewable energy solutions, $750m on resource mobilisation reforms and $1.5bn for economic stabilisation reforms.
