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In just one year under President Bola Ahmed Tinubu, Nigeria’s debt to the International Monetary Fund (IMF) has ballooned by a staggering N2.5 trillion, sparking concerns over the country’s deepening fiscal crisis.
Data released by the Debt Management Office (DMO) revealed that Nigeria’s outstanding obligations to the IMF surged from N3.3 trillion in 2023 to over N5.8 trillion in 2024—a 76% increase—fueled by foreign exchange depreciation and growing reliance on multilateral loans.
Critics say the spike underscores the Tinubu administration’s struggles with revenue generation, rising subsidy costs, and currency instability. “This is not just a number; it’s a red flag for our economic sovereignty,” an analyst warned.
The Federal Government has yet to officially respond to the figures, but economists are urging swift reforms to avoid a potential debt trap.
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