Amid Nigeria’s rising public debt, the country surprisingly does not rank among the top debtors to the International Monetary Fund (IMF), according to recent data from Statisense, a prominent statistics platform. Naija News reports that Argentina tops the list, owing the IMF a staggering $30.99 billion.
Other major IMF debtors include Egypt ($10.85 billion), Ukraine ($9 billion), Pakistan ($6.55 billion), and Ecuador ($5.77 billion). The list also includes Colombia, Angola, Kenya, Ghana, Côte d’Ivoire, South Africa, and Costa Rica.
This revelation comes as Nigeria’s Debt Management Office (DMO) disclosed that the nation’s total public debt had surged to N97.34 trillion by the end of December 2023. The breakdown shows the federal government with a domestic debt of N53.26 trillion, while the 36 states plus the Federal Capital Territory hold a domestic debt of N5.86 trillion.
According to the DMO, the per capita debt burden in Nigeria now stands at N449,022.94, highlighting the significant fiscal challenges the nation faces.
Despite these daunting figures, Nigeria’s absence from the IMF’s list of heavily indebted countries is notable. This suggests that Nigeria has managed to keep its direct obligations to the IMF under control. However, experts warn that the country’s escalating total debt could pose long-term risks to economic stability.
The government’s reliance on domestic and other external debt sources has raised concerns among economic stakeholders about sustainable debt management and fiscal policies.
As global economic uncertainties persist, Nigeria’s strategic avoidance of additional IMF debt might provide some short-term leverage. Nonetheless, analysts emphasize that effective economic reforms and prudent fiscal management are crucial to avoiding future financial crises.
List Of Countries Most Indebted Countries To The IMF
1 Argentina: $30.99bn
2 Egypt: $10.85bn
3 Ukraine: $9bn
4 Pakistan: $6.55bn
5 Ecuador: $5.77bn
6 Colombia: $3.28bn
7 Angola: $3.08bn
8 Kenya: $2.57bn
9 Ghana: $2.04bn
10 Côte D’Ivoire: $1.94bn
11 South Africa: $1.91bn
12 Costa Rica: $1.68bn
