Data from the Debt Management Office (DMO) shows that Nigeria’s debt to the IMF stands at $2,032 billion as of March 2024.
According to the data, Nigeria is more indebted to the World Bank Group than any creditor, with a total outstanding debt of $15.102 billion as of March 2024.
The bank recently approved another $1.57 billion loan for two projects in the country in addition to the $2.5 billion approved in June this year.
Nigeria has secured $6.65 billion under President Bola Tinubu’s current government.
Loans from the International Monetary Fund (IMF) come with as many obligations as they stabilise a country’s economy.
A low debt to the IMF for African countries shows a healthy economy as it relies more on internally generated revenue to drive development.
According to experts, countries with a low debt to the IMF are less vulnerable to policy changes or economic reforms by the lender.
Also, a low debt profile shows that a country is better equipped to manage its international financial obligations, maintain a positive balance of payment, and fund imports with less help from outside sources.
Reports say that Seychelles replaced Burundi as the country with the lowest debt to the IMF.
TimesNow.com.ng earlier reported that the Nigerian government is repaying about $14.12 billion in World Bank loans.
According to Punch, information from the World Bank’s website data shows that the amount is the funds disbursed on about 108 approved loans.
The oldest loan being serviced was approved almost 40 years ago under General Ibrahim Babangida. The most recent one was approved by President Muhammadu Buhari in 2018.
Source: TimesNow.com.ng
