Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has firmly stated that the country is not considering borrowing from the International Monetary Fund (IMF). He made this known during a ministerial press briefing held on the sidelines of the IMF-World Bank Spring Meetings in Washington, D.C., putting to rest speculation about potential external financial assistance.
Edun’s remarks come at a time of heightened scrutiny over Nigeria’s rising debt profile. Just a day earlier, the Debt Management Office reported a significant increase in the country’s total public debt, which climbed by N14 trillion to reach N159.27 trillion as of the fourth quarter of 2025. The development has fueled public concern, especially following the National Assembly’s recent approval of a $6 billion external borrowing request by President Bola Tinubu.
Despite global expectations that more countries may turn to the IMF for financial support, Edun emphasized that Nigeria is charting its own course. The IMF had indicated that at least a dozen nations could seek between $20 billion and $50 billion in assistance in the near future, particularly amid economic pressures linked to global conflicts. It also advised African nations affected by external shocks to act quickly in securing support where necessary.
Looking beyond Nigeria, Edun highlighted broader fiscal challenges across the African continent. According to him, nearly half of African countries are either facing or nearing debt distress, largely due to high borrowing costs and elevated interest rates on commercial loans. These pressures, he noted, are forcing governments to allocate a significant portion of their revenues to debt servicing rather than critical sectors like healthcare and infrastructure.
To address these challenges, Edun called for structural reforms, including the adoption of technology and artificial intelligence to improve efficiency, as well as stronger private sector participation. He also echoed President Tinubu’s position on the need for fairer risk assessments by global rating agencies to reduce borrowing costs for African nations, ultimately making development financing more sustainable and accessible.
source: The Cable