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The Federal Government has stated that Nigeria will not seek financial assistance from the International Monetary Fund’s proposed $50 billion support fund, despite growing global economic pressures. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known during a press briefing at the ongoing IMF/World Bank Spring Meetings in Washington, D.C., where he clarified that the country is not considering taking on additional external debt from the IMF at this time. 
The IMF had earlier announced plans to mobilise between $20 billion and $50 billion to support vulnerable economies, particularly in Sub-Saharan Africa, amid global economic challenges. Its Managing Director, Kristalina Georgieva, encouraged countries facing financial strain to seek assistance early to prevent worsening conditions. However, Nigeria’s finance minister rejected the option, stating clearly that the government has “no plan at the moment” to approach the IMF for such borrowing. 
Edun explained that Nigeria’s current strategy is focused on strengthening the economy through domestic reforms rather than relying on external loans. He pointed to ongoing policy changes, including market-driven reforms in foreign exchange management and fuel subsidy removal, as steps aimed at improving fiscal stability and reducing dependence on costly borrowing. 
While ruling out borrowing, the minister acknowledged that many African economies are under significant pressure due to global factors such as geopolitical tensions and rising energy costs. He stressed that although Nigeria is not seeking IMF funds, there is still a need for broader financial support mechanisms to assist vulnerable countries across the continent. 
