FG disburses N32bn W’Bank, others in 2024 – Report
The Federal Government in 2024 disbursed a total of N32bn to the World Bank and five other international organisations as its contributory obligations as a member-nation.
According to findings by Saturday PUNCH, the disbursements, released through the Office of the Accountant General of the Federation in July 2024 were distributed among six international bodies, including the African Union, African Development Bank, and the Organisation of Petroleum Exporting Countries.
Reports indicated that all member nations, including Nigeria, contributed to the capital of the World Bank in exchange for shares, which in turn determine voting power and influence within the institution.
As a member, Nigeria participates in capital subscriptions and periodic replenishments, such as those for the International Development Association, the concessional financing arm of the World Bank, which provides support to low-income countries.
As of December 31, 2024, Nigeria’s voting shares within the World Bank Group stand as 0.71 per cent in the International Bank for Reconstruction and Development, 0.43 per cent in the International Development Association (as of September 30, 2024), 1.12 per cent in the International Finance Corporation, and 0.78 per cent in the Multilateral Investment Guarantee Agency as of June 30, 2024.
These shares highlight Nigeria’s financial involvement in the operations of the World Bank.
The State House Director of Information, Abiodun Oladunjoye, confirmed that Nigeria also met its financial obligations to the AU and other international organisations through its annual assessed contributions.
Finding by Saturday PUNCH, using the GovSpend platform, which tracks and analyses the Federal Government’s spending, revealed that in 2024, the World Bank, AU, OPEC, AfDB, the International Labour Organisation, and the Organisation of African Trade Union Unity collectively received N32bn from the Nigerian government.
On July 5, 2024, N10bn was disbursed to the World Bank, AfDB, and OPEC through the OAGF, while the AU received N20bn on July 8.
Also, on July 2, the office of the accountant general of transferred N2bn to the ILO and OATUU as part of Nigeria’s assessed contributions.
The World Bank continues to be Nigeria’s largest lender, with over $15bn in loans as of March 2024, according to the Debt Management Office.
In September 2024, the World Bank approved a $1.57bn financing package for Nigeria, aimed at supporting the country’s health and education sectors and providing sustainable power.
For 2025, the World Bank is also considering approving three major loan projects worth a total $1.65bn to help address Nigeria’s most pressing developmental challenges.
The loans, expected to support the country’s social and economic recovery, will focus on critical sectors, including education, nutrition enhancement, and internally displaced persons.
