Finance Minister Wale Edun made this clarification during a press briefing on Thursday, April 16, 2026, at the IMF/World Bank Spring Meetings in Washington, D.C.
​His comments come at a time when Nigeria is navigating significant fiscal challenges, including a sharp increase in total public debt, which recently reached ₦159.27 trillion (as of Q4 2025).
Edun explicitly stated that Nigeria has “no plans at the moment to approach the IMF or any other source” for a loan, emphasizing a reliance on internal policy mechanisms and domestic reforms.
The Minister highlighted that the administration’s market-based reforms specifically in foreign exchange management and petroleum pricing have helped build economic buffers and restore credibility.
While dismissing a loan for Nigeria, Edun advocated for faster financial assistance for other African nations, noting that nearly half of the continent is currently facing or nearing “debt distress.”
He urged African countries to move away from expensive commercial debt by leveraging technology (including AI) and encouraging private sector participation.
The IMF recently revised Nigeria’s growth forecast for 2026 downward to 4.1% (from 4.4%), citing global disruptions and higher shipping costs. Despite this, the Nigerian government remains committed to its “Renewed Hope” agenda, targeting a $1 trillion economy by 2030 through domestic resource mobilization rather than external
bailouts.
