Amidst Nigeria’s escalating public debt, the nation remains off the list of the top countries indebted to the International Monetary Fund (IMF), according to new data from the renowned statistics platform, Statisense.
Naija News reports that 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
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