The International Monetary Fund (IMF) has described Nigeria's total debt, which exceeded ₦87 trillion as of June 2023, as moderate compared to global standards. However, the IMF's Resident Representative in Nigeria, Ari Aisen, emphasized the need… Read on blog or Reader SMALL BUSINESS INSIGHTS Read on blog or Reader IMF urges Nigeria to sustain fiscal reforms amid rising debt By Busola Bamidele on March 6, 2025 The International Monetary Fund (IMF) has described Nigeria's total debt, which exceeded ₦87 trillion as of June 2023, as moderate compared to global standards. However, the IMF's Resident Representative in Nigeria, Ari Aisen, emphasized the need for fiscal policies to curb government financing needs. Aisen highlighted that the removal of the fuel subsidy, which previously accounted for 2% of Nigeria's GDP, was a crucial step in addressing debt concerns. He urged the government to control expenditures to prevent further debt escalation. Read also: IMF urges Nigeria to sustain fiscal reforms amid rising debt Jigawa govt urges BoI to fast-track N6bn SME loan disbursement Nigeria sets new nutrient standards for maize, fortified crops to boost food quality Niger Foods, NALDA, youth ministry to engage 100,000 youth in agriculture FG moves to cut transport costs, boost trade, investment On President Bola Ahmed Tinubu's target of 7% annual GDP growth, Aisen acknowledged challenges such as rising living costs and commodity prices. However, he noted that reforms like exchange rate unification signal progress toward macroeconomic stability. The IMF maintains that while Nigeria's debt remains manageable, sustained fiscal reforms are essential for economic stability and investor confidence.

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