By Ayo Kehinde
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said Nigeria will not seek loans from the International Monetary Fund (IMF) at this time, despite rising concerns over the country’s growing debt burden.
Edun made the remarks on Thursday during a ministerial press briefing at the ongoing IMF-World Bank Spring Meetings in Washington, D.C.
His comments come as several African nations grapple with fiscal pressures and increasing calls from the IMF for vulnerable economies to consider financial assistance.
According to the minister, Nigeria is not currently exploring borrowing options from the IMF or similar institutions.
“Nigeria has no plans at the moment to approach the IMF or any other source,” he stated.
He noted that many countries across Africa are either nearing or already experiencing debt distress, largely due to high borrowing costs.
Edun explained that steep premiums on commercial loans continue to strain government revenues, diverting funds away from critical sectors such as healthcare and infrastructure.
“The premium they pay for commercial debt is part of the reason for this distress,” he said, stressing the need to address structural challenges affecting fiscal sustainability across the continent.
His statement follows recent data from the Debt Management Office showing Nigeria’s total public debt rose by N14 trillion to N159.27 trillion as of the fourth quarter of 2025.
This comes shortly after the National Assembly approved a $6 billion external borrowing request.
While the government is steering clear of IMF loans for now, concerns persist over debt sustainability and the need for prudent fiscal management.
