The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the country has no plans to seek loans from the International Monetary Fund. He made the statement on Thursday during a minister’s briefing at the IMF and World Bank spring meetings in Washington DC.
His comments come after Nigeria’s total public debt rose by 14 trillion naira to 159.27 trillion naira at the end of 2025, according to the Debt Management Office. The National Assembly had also approved a six billion dollar external borrowing request by President Bola Tinubu in March.
Edun said Nigeria is not considering approaching the IMF or any other institution for financial support at this time, despite calls for African countries to seek assistance amid global economic pressures.
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He added that many African countries face debt vulnerability due to high borrowing costs, stressing the need for economic reforms, lower risk premiums, and increased private sector participation to reduce reliance on expensive debt.
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