FG Announces No Plan to Seek New IMF Loan After Clearing Debts
- The federal government will not seek new loans from the International Monetary Fund
- Nigeria fully repaid its $3.4bn IMF loan, exiting the Fund’s debtor list, though interest charges continue
- Government warns rising global oil prices may boost FX earnings but could worsen inflation
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Nigeria has no immediate plans to seek financial assistance from the International Monetary Fund, as ongoing domestic reforms continue to strengthen the country’s economic position, Finance Minister Wale Edun said on Thursday.
Speaking at a briefing of African finance ministers during the IMF and World Bank Annual Meetings in Washington on Friday, April 17, Edun said policy reforms implemented over the past two years had restored credibility and improved resilience against global economic shocks.
Source: UGC
He noted that Nigeria had prioritised market-based adjustments, particularly in foreign exchange and petroleum pricing, avoiding administrative controls that could distort the economy.
Edun said:
“We will continue to rely on internal policy measures rather than seeking multilateral lending support at this time."
Nigeria's IMF debt cleared
His comments come as Nigeria completes the repayment of its $3.4 billion loan obtained from the IMF under the Rapid Financing Instrument during the COVID-19 pandemic.
The loan, disbursed in April 2020 to cushion the impact of collapsing oil revenues and rising fiscal pressures, was fully repaid with the final principal settlement made on April 30, 2025.
Latest IMF records show that Nigeria has been removed from the Fund’s list of debtor countries, marking a significant milestone for Africa’s largest economy.
The country’s outstanding obligations had declined from $2.47 billion in 2023 to $800.23 million in 2024 before being fully cleared.
Despite exiting the debtor list, Nigeria will continue to service interest-related charges, including administrative fees, through 2029. The IMF projects total charges of about SDR 22.35 million (roughly $30.24 million) for 2025, with similar annual payments scheduled in subsequent years.
Source: Twitter
FG seeks support
Earlier in the week, the minister had indicated Nigeria would push for stronger international financial support at the IMF-World Bank Spring Meetings, citing rising crude oil prices linked to geopolitical tensions, including the Iran conflict.
While it could boost foreign exchange earnings for Nigeria, Edun warned that the development also posed risks.
He said:
“The shock comes at a critical transition point, intensifying inflationary pressures and raising living costs for households."
Nigeria’s debt hits N159trn on fresh loans
Legit.ng earlier reported that Nigeria's total public debt climbed to N159.28 trillion by the end of December 2025.
Fresh domestic and external borrowings under President Bola Tinubu pushed the figure higher, leaving citizens with a heavier financial burden amid rising living costs.
Data released Tuesday, April 14, 2026, by the Debt Management Office (DMO) showed total public debt rose by N5.98 trillion (3.9 per cent) from N153.29 trillion at the end of September 2025.
Year-on-year, the increase was N14.61 trillion (10.1 per cent) from N144.67 trillion in December 2024.
Source: Legit.ng
