Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the country has no plans to seek financial assistance from the International Monetary Fund (IMF).
Edun made this known during a ministerial briefing at the ongoing IMF–World Bank Spring Meetings in Washington, D.C., emphasizing that the federal government is not currently considering borrowing from the institution or similar sources.
His comments come shortly after Nigeria’s public debt rose by ₦14 trillion, reaching ₦159.27 trillion as of the fourth quarter of 2025, according to the Debt Management Office. The development has sparked concerns about the country’s rising debt profile.
Despite these concerns, the minister maintained that Nigeria is not seeking IMF support at this time.
Speaking on the broader African economic outlook, Edun noted that nearly half of countries on the continent are either in or approaching debt distress.
He attributed this to high borrowing costs and the significant portion of government revenue allocated to debt servicing instead of critical sectors like healthcare and infrastructure.
Edun also highlighted the need for structural reforms across African economies, urging increased adoption of technology and stronger private sector participation to reduce dependence on expensive debt financing.
He added that President Bola Ahmed Tinubu is advocating for fairer global risk assessments and reduced borrowing premiums for African nations to make development financing more accessible.
