The minister of finance and coordinating minister of the economy, Wale Edun, has stated that Nigeria is not considering borrowing from the International Monetary Fund (IMF).
He made this known on Thursday during a ministers’ press briefing held alongside the IMF-World Bank spring meetings in Washington DC.
Edun’s remarks come shortly after the Debt Management Office revealed that Nigeria’s total public debt rose by N14 trillion, reaching N159.27 trillion by the end of the fourth quarter of 2025.
Earlier, on March 31, the national assembly approved President Bola Tinubu’s $6 billion external borrowing request, raising concerns over the country’s increasing reliance on debt.
The IMF had indicated that several countries may soon seek financial assistance ranging between $20 billion and $50 billion, urging African nations affected by the Middle East conflict to consider timely support if necessary.
Addressing the development, Edun maintained that Nigeria is not looking in that direction.
“Nigeria has no plans at the moment to approach the IMF or any other source,” the minister said.
Speaking on broader fiscal challenges across Africa, Edun noted that many countries on the continent are approaching debt distress levels.
“In terms of the debt stock, nearly half of African countries are or near debt vulnerability levels, even distressed levels,” he said.
He attributed this situation to the high interest rates African nations face when accessing commercial loans.
“The premium that they pay for commercial debt is part of the reason why there is this distress, discomfort in the first place, in terms of the percentage of revenue that has to be given over to debt service, as opposed to health and so forth,” he said.
Edun added that President Bola Tinubu has advocated for a review of how African economies are assessed by rating agencies, with the aim of reducing borrowing costs and making development financing more affordable.
He also emphasised the need for structural reforms, urging African countries to embrace technology, including artificial intelligence, and attract private sector investment to reduce dependence on costly debt.
According to him, such measures would help limit reliance on “very expensive and often uncomfortably high-priced debt”.