The World Bank Group has disclosed that the Federal Government of Nigeria is still servicing a whopping $10.6 billion in loans obtained during the tenure of former Presidents Olusegun Obasanjo, late Umaru Musa Yaradua, and Goodluck Jonathan.

According to the World Bank, Nigeria's debt repayment obligations from these legacy loans remain a significant burden on the country's finances.

"Nigeria's debt profile is a major concern, and the fact that the country is still repaying loans taken decades ago is a clear indication of the need for prudent fiscal management," said a World Bank spokesperson.

The revelation highlights the long-term implications of Nigeria's borrowing habits and the need for sustainable economic planning.

"The country's debt situation is a ticking time bomb, and urgent action is needed to address it," said a financial analyst. "Nigeria must prioritize debt reduction and avoid accumulating more loans to avoid mortgaging its future."

The World Bank's disclosure serves as a reminder of the importance of responsible borrowing and the need for Nigeria to develop a comprehensive plan to manage its debt and ensure economic stability.