By Udesinanna Stephen
The Nigeria Debt Management
Office (DMO) has debunked claims that Nigeria’s indebtedness to World Bank grew from USD 6.29 billion in 2015 to USD 13.46 billion in 2022, saying that the said debt is from International Development Association (|DA) with low charges.
This was made known in a press statement signed by the DMO Director General, DG Patience Oniha, and obtained via the office verified Twitter handle.
In defense of the loan, the DG did not argue on the figures, she said the figures are correct for IDA Loans only adding that the loan is a positive development for Nigeria contrary to the narrative in the media reports, they attract low charges and are for very long tenors in
some cases, exceeding 30 years.
Furthermore, the statement has that “These are the types of Loans required to fund development in countries such as Nigeria.”
Taking a whipe on media houses mistaking the loan she said “It would seem that the authors of the media reports did not put into consideration
the fact that IDA Loans are concessional and that it is a plus that Nigeria qualifies for such Loans.