In recent times, various African countries have benefitted from the International Monetary Fund (IMF) credit facilities after its executive board approved some loans, in a shocking development, Nigeria’s name was missing from the latest list of top countries indebted to the organization.

Amid Nigeria’s escalating public debt, the study places Argentina at the top of the IMF debtors list, with a staggering debt of $30.99 billion.

Other countries heavily indebted to the IMF include Egypt, Ukraine, Pakistan, and Ecuador, with respective debts of $10.85 billion, $9 billion, $6.55 billion, and $5.77 billion.

The list also features 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 country’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 and the 36 states plus the Federal Capital Territory accumulating a domestic debt of N5.86 trillion.

The DMO’s findings highlight that Nigerians’ debt per capita is now N449,022.94, underscoring the nation’s significant fiscal burdens.

Despite these daunting numbers, Nigeria’s absence from the IMF’s list of debt-laden countries is a notable exception, suggesting a more contained approach in its dealings with the global financial institution.

Experts argue that while the country’s direct obligations to the IMF are currently managed, the growing total debt could pose long-term challenges to economic stability.

The government’s reliance on domestic and other external debt sources continues to raise concerns among economic stakeholders about sustainable debt management and fiscal policies.

As the global economy faces increasing uncertainties, Nigeria’s strategic avoidance of additional IMF debt may provide some leverage, but analysts caution that effective economic reforms and prudent fiscal management remain critical 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 (New Telegraph)

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