Tinubu Govt Seeks Debt Reduction From IMF, World Bank As DMO Releases Amount Nigeria Owes
- The federal government has announced plans to request a debt reduction from international institutions
- Nigeria owes the World Bank, the IMF, and other global financial institutions 48% of its total foreign debts
- Wale Edun will meet with Top officials from the IMF, World Bank, and International Finance Corporation in the US to discuss possible reductions
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The federal government has revealed plans to engage international financial institutions to secure debt relief, as nearly half of Nigeria’s total external debt is owed to the World Bank, the IMF and other bilateral lenders.
Source: Getty Images
Wale Edun, finance minister, is leading a delegation to Washington, D.C. for the Spring Meetings of the International Monetary Fund (IMF), World Bank, and International Finance Corporation (IFC) to discuss possible terms for debt reduction.
The team is also expected to participate in high-level discussions on climate finance, energy transition, and debt restructuring.
This was disclosed in a statement signed by Mohammed Manga, Director of Information and Public Relations and made available to journalists, Punch reports.
Part of the statement reads:
“Among his key engagements are bilateral meetings with senior officials from the IMF, World Bank, and International Finance Corporation , as well as participation in roundtables focused on climate finance, energy transition, and debt restructuring.
“Following the significant progress made in stabilising Nigeria’s economy over the past year, the government is now targeting rapid, inclusive growth with a clear emphasis on job creation."
Source: Getty Images
The statement also noted that Edun is using the global platform to advocate for Nigeria’s renewed economic agenda, centred on fiscal consolidation, expanding social protection, and unlocking private sector investment across key sectors.
It continued:
“In his capacity as Coordinating Minister of the Economy, Edun continues to champion reforms that will deliver long-term economic resilience aimed at lifting millions of Nigerians out of poverty, while also ensuring that development is both equitable and sustainable.
The Spring Meetings provide a timely platform for strategic discussions and partnerships that will unlock the country’s growth potential with dialogue expected to yield significant outcomes that will shape Nigeria’s economic trajectory and inform future policy directions."
BusinessDay reports that the Nigerian delegation includes senior officials from the Ministry of Finance, Budget and National Planning; the Central Bank of Nigeria; and Nigeria’s multilateral finance agencies.
Nigeria's outstanding debt balance
In an earlier report, Legit.ng provided a breakdown of how much Nigeria owes various countries, including the World Bank.
According to data from the Debt Management Office, Nigeria's total debt burden stands at N144.66 trillion, the highest level in the country’s history.
Out of this amount, N70.28 trillion (or $45.78 billion) is owed to international institutions and foreign countries. Nigeria owes $18.6 billion to the IMF and the World Bank Group.
This includes $800.23 million owed to the International Monetary Fund (IMF), while Nigeria owes $17.80 billion to the World Bank.
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Source: Legit.ng
