The World Bank in its latest International Debt Report has stated that a record of $443.5 billion has been expended by Nigeria and other developing countries in settling different external and publicly-guaranteed debts in 2022.
Five per cent has been increased over the previous year for all developing countries that comprise of principal and interest of debt-service payments.
According to the report, “75 countries are eligible to borrow from the World Bank’s International Development Association (IDA) that supports the poorest countries, paid $88.9 billion in debt-servicing costs in 2022.”
The report explained that interest payments by the countries quadrupled to an all-time high of $23.6 billion from 2012 to 2022.
Overall debt-servicing costs for the 24 poorest countries, according to the report, are expected to balloon in 2023 and 2024 by as much as 39 per cent.