01/06/2026
N25.4 trillion. That is what $18.5 billion looks like in naira, and it is exactly what Nigeria currently owes the World Bank’s IDA.
Between December 2025 and March 2026, the debt moved from $18.7 billion to $18.5 billion. On that scale, it’s a very small change.
Nigeria is the third-largest borrower on the IDA list. Only Bangladesh and Pakistan owe more. That also means Nigeria owes more than countries like India, Ethiopia, and Kenya.
IDA loans are usually easier to manage because the interest is low and repayment terms are flexible. But $18.5 billion is still a heavy amount to carry.
And beyond the heavy number is whether the money is going into things that will actually grow the economy and bring that number down over time.