The World Bank Group has disclosed that the Federal Government of Nigeria is still servicing a whopping $10.6 billion in loans obtained during the tenure of former Presidents Olusegun Obasanjo, late Umaru Musa Yaradua, and Goodluck Jonathan......See Full Story>>.....See Full Story>>
According to the World Bank, Nigeria’s debt repayment obligations from these legacy loans remain a significant burden on the country’s finances.
“Nigeria’s debt profile is a major concern, and the fact that the country is still repaying loans taken decades ago is a clear indication of the need for prudent fiscal management,” said a World Bank spokesperson.
The revelation highlights the long-term implications of Nigeria’s borrowing habits and the need for sustainable economic planning.
“The country’s debt situation is a ticking time bomb, and urgent action is needed to address it,” said a financial analyst. “Nigeria must prioritize debt reduction and avoid accumulating more loans to avoid mortgaging its future.”
The World Bank’s disclosure serves as a reminder of the importance of responsible borrowing and the need for Nigeria to develop a comprehensive plan to manage its debt and ensure economic stability.