The increase in liabilities between 2023 and 2024 was attributed to the depreciation of the Naira.
Nigeria’s liabilities to the IMF surged to N5.069 trillion in 2024, driven by naira depreciation and rising borrowing under Tinubu’s administration.
The Central Bank of Nigeria’s financial statements reveal that the country’s debt to the IMF grew from N2.524 trillion in 2023 to N5.069 trillion in 2024—a N2.545 trillion increase. The CBN attributed the spike to exchange rate losses, recording a N2.544 trillion deficit due to the naira’s fall. This comes despite President Tinubu’s August 2023 pledge to reduce reliance on borrowing, stating, “I am committed to breaking the vicious cycle of overreliance on borrowing.”
However, Nigeria’s total federal debt soared from N29.8 trillion in June 2023 to N62.9 trillion by December 2024, with domestic debt rising to N70.4 trillion. Debt servicing hit N2.199 trillion in Q4 2024, exceeding budgetary projections. Analysts warn that currency depreciation continues to inflate foreign obligations, straining Africa’s largest economy.
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