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  • Nigeria Won’t Seek IMF Loan Despite $50bn Support Plan, Edun Declares

    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.

  • Nigeria Debt Hits N159.28trn as Burden per Citizen Climbs to ₦724,000

    Nigeria’s total public debt has risen to N159.28 trillion as of December 31, 2025, with each citizen now carrying an estimated burden of about ₦724,000, according to fresh data released by the Debt Management Office (DMO).

    Debt surge in latest figures

    The latest figures show a steady increase in the country’s debt profile, rising from N153.29 trillion recorded in September 2025.

    This represents a quarterly increase of N5.98 trillion, equivalent to 3.9 percent growth within three months.

    On a year-on-year basis, the debt rose by N14.61 trillion from N144.67 trillion in December 2024, reflecting a 10.1 percent increase.

    What is driving the increase

    The rise is largely driven by increased domestic borrowing, which continues to form the bulk of Nigeria’s debt structure.

    Notably, the figure does not yet include the recently approved N8.3 trillion loan from the United Arab Emirates and UK Export Finance, suggesting the total debt could climb further in the coming months.

    Breakdown of the debt

    Domestic debt accounts for the largest share at N84.85 trillion, representing 53.27 percent of the total.

    Out of this, the Federal Government holds N80.49 trillion, while states and the Federal Capital Territory account for N4.36 trillion.

    External debt stands at N74.43 trillion, making up 46.73 percent of the total debt stock.

    In dollar terms, Nigeria’s external debt is estimated at $51.86 billion, with the Federal Government responsible for N66.27 trillion and states and the FCT accounting for N8.16 trillion.

    Debt in dollar terms

    Overall, Nigeria’s total debt rose from $103.94 billion to $110.97 billion within the period under review.

    This reflects the combined impact of fresh borrowing and exchange rate movements on the country’s obligations.

    Rising concerns

    The growing debt profile has continued to raise concerns over fiscal sustainability, especially as debt servicing costs increase.

    With Nigeria’s population estimated at about 220 million, the data highlights the mounting financial pressure tied to government borrowing.

    Outlook

    The Central Bank of Nigeria projects that the country’s debt-to-GDP ratio could reach about 34 percent by 2026.

    This points to continued reliance on borrowing as the government navigates economic challenges and funding gaps.