Tinubu Government Paid $243.42 Million To World Bank Agency For Debt Service In Three Months

The President Bola Tinubu-led Federal Government paid approximately **$243.42 million to the International Development Association (IDA), the concessional lending arm of the World Bank, in debt service between January and March 2026, according to data from the Debt Management Office (DMO).

The payment formed part of Nigeria’s external debt servicing obligations during the first quarter of 2026, with the DMO figures showing that a significant portion of the government’s payments to multilateral creditors went to the World Bank’s IDA.

The figures were contained in the DMO’s “Actual External Debt Service Payments for January-March 2026”, which provides a breakdown of payments made by the Federal Government to its external creditors during the three-month period.

According to the DMO data, Nigeria paid a total of $954.06 million in external debt service between January and March 2026.

Of the total amount, $308.33 million was used for principal repayments, while $623.22 million went towards interest payments. Another $22.50 million was recorded under other charges.

Multilateral creditors accounted for a substantial portion of Nigeria’s external debt service during the period. The DMO recorded total payments of $271.90 million to multilateral creditors, comprising $176.34 million in principal, $95.53 million in interest and other charges.

The largest payment under the multilateral category went to the International Development Association, with Nigeria paying $243.42 million during the quarter.

The IDA payment comprised approximately $156.94 million in principal and $86.47 million in interest, in addition to about $780.02 in other charges.

The International Development Association is the concessional lending arm of the World Bank Group and provides financing to eligible low-income countries, generally on more favourable terms than conventional commercial borrowing.

Other multilateral creditors listed in the DMO data included the International Fund for Agricultural Development, African Development Fund, European Development Fund, Arab Bank for Economic Development and the Islamic Development Bank.

Nigeria paid approximately $7.58 million to the International Fund for Agricultural Development, consisting of $6.43 million in principal and $1.15 million in interest. The country also paid about $8.44 million to the African Development Fund.

The DMO data further showed that Nigeria serviced obligations owed to bilateral and commercial creditors during the same period. Commercial creditors included Eurobond obligations, Deutsche Bank AG, syndications, Standard Chartered Bank, First Abu Dhabi Bank and Laudster Ltd, with $427.72 million associated with Eurobond obligations.

The figures highlight the scale of Nigeria’s continuing external debt obligations, with interest payments representing the largest component of the $954.06 million paid during the first quarter of 2026.

Overall, the payments covered multilateral, bilateral and commercial creditors, with the IDA alone receiving more than $243 million during the three-month period. The figures underscore the significant financial commitments facing the Federal Government as it continues servicing the country’s external debts.

The development also comes amid previous reports concerning World Bank financing to Nigeria. SaharaReporters had reported that the Tinubu administration agreed to raise taxes and introduce new levies as part of conditions associated with a $750 million World Bank loan secured under the Accelerating Resource Mobilisation Reforms (ARMOR) Program-for-Results for Nigeria.

The loan agreement was signed by the Nigerian government on June 19, 2024, five days after the World Bank’s Board approved the facility.

Street News Reporters reports that the latest DMO figures provide a snapshot of Nigeria’s external debt servicing commitments during the first quarter of 2026, particularly the substantial payments made to multilateral development institutions.