The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that despite growing fiscal pressures, Nigeria has no plans to borrow from the International Monetary Fund (IMF).
Edun stated this during a minister’s press briefing at the ongoing IMF-World Bank Spring Meetings in Washington DC.
His comments come amid broader concerns about rising debt levels across Africa and calls by the IMF for vulnerable countries to seek financial support where necessary.
“Nigeria has no plans at the moment to approach the IMF or any other source,” Edun stated, noting that many African countries are currently close to or already facing debt distress.
According to him, high borrowing costs remain a major challenge for the continent.
“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 added that addressing these structural issues is key to improving fiscal sustainability across Africa.
The Debt Management Office (DMO) recently revealed that Nigeria’s total public debt for federal and state governments increased by N14 trillion to hit N159.27 trillion at the end of the fourth quarter (Q4) of 2025.
Edun highlighted broader concerns about debt sustainability and financing conditions on the continent.
He noted that President Bola Ahmed Tinubu has advocated for lower risk premiums to make financing more affordable for African countries.
The minister also stressed the need for structural reforms to reduce dependence on expensive borrowing.
