Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the country has no intention of seeking IMF loans International Monetary Fund, even as fiscal pressures mount.
Edun shared this during a press briefing on Thursday at the ongoing IMF-World Bank Spring Meetings in Washington, DC.
Key Highlights from the Minister’s Statement
The minister clarified that Nigeria is not considering borrowing from the IMF at this time.
“Nigeria has no plans at the moment to approach the IMF or any other source,” Edun said.
He pointed out that many African nations are nearing or already experiencing debt distress, largely due to high borrowing costs.
“The premium they pay for commercial debt contributes to the distress. A significant portion of revenue is allocated to debt servicing instead of essential sectors like health,” he explained.
Edun stressed that addressing structural challenges is crucial for improving fiscal sustainability across the continent.
Context and Broader Implications
Edun’s remarks follow a report from the Debt Management Office (DMO) revealing that Nigeria’s total public debt for federal and state governments rose by N14 trillion, reaching N159.27 trillion by the end of Q4 2025.
Additionally, the National Assembly recently approved a $6 billion external borrowing request, raising concerns about the cost and sustainability of new debt amid global economic uncertainties.
While Nigeria is steering clear of IMF loans for now, its growing debt burden highlights the importance of prudent fiscal management and sustainable financing strategies.