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For instance, the World Bank is Nigeria’s biggest multilateral creditor, with the country owing about $14.51bn as of June 30, 2023. The Debt Management Office recently said the country’s total public debt stood at N87.38tn at the end of the second quarter of this year, representing an increase of 75.29 per cent or N37.53tn compared to N49.85tn recorded at the end of March 2023. A major issue with this huge accumulation of debt is its sustainability and the country’s ability to repay. In its 2022 Debt Sustainability Analysis Report, the DMO warned that the Federal Government’s projected revenue of N10tn for 2023 could not support fresh borrowings.

Yemi osinbajoAffairs betta eduWorld bank is nigeriaWorld bankNational social investment programmeNigerian bureau of statisticsDebt management officeFederal governmentConditional cash transferRenewed hope conditional cash transferHumanitarian affairs betta eduVice president professor yemi osinbajoEconomic sustainability planCash transferNigerian bureauFederal capital