The Federal Government has ruled out any plan to approach the International Monetary Fund (IMF) for financial support, despite the fund’s proposal to make up to $50 billion available to struggling economies, including countries in sub-Saharan Africa.

Finance Minister and Coordinating Minister for the Economy, Wale Edun, made this known on Thursday during a press briefing at the ongoing World Bank/IMF Spring Meetings in Washington DC.

Government takes firm stance

Edun stated clearly that Nigeria is not considering taking on additional debt from the IMF at this time.

“Nigeria has no plan at the moment to approach the IMF for any other such burden,” he said while responding to questions from journalists.

His comments come a day after the IMF disclosed plans to provide between $20 billion and $50 billion in financial support to vulnerable economies in the near term.

Why IMF funding is on the table

According to the IMF, the proposed support will cover both expansions of existing programmes and new funding requests from at least a dozen countries, many of them in Africa.

The move is aimed at cushioning the economic impact of global challenges, including the ongoing crisis in the Middle East.

Pressure on African economies

Edun, however, noted that African countries are facing increasing economic pressure despite not being directly responsible for the global crisis.

He explained that the situation threatens macroeconomic stability, slows growth, and weakens efforts to reduce poverty across the continent.

“They need and deserve extra help at this time,” the minister said, referring to vulnerable economies, particularly oil-importing nations.

IMF warns of global slowdown

IMF Managing Director Kristalina Georgieva also raised concerns about the wider economic impact of global tensions, especially the Middle East conflict.

She warned that disruptions to supply chains and rising oil prices could slow global growth significantly.

According to her, global growth is projected to drop from 3.4 percent last year to about 2.1 percent in 2026, with a worst-case scenario of 2 percent if the crisis persists.

What it means for Nigeria

While Nigeria is opting out of immediate IMF borrowing, the government’s position suggests a focus on managing existing economic challenges without adding to its debt burden.

The decision also highlights ongoing concerns about fiscal sustainability and the long-term impact of external loans on the country’s economy.