IMF Raise Alarm Say Nigeria External Debt Fit Reach $72.6bn Before 2027 Election

International Monetary Fund (IMF) don warn say Nigeria public external debt fit jump by over $20 billion reach $72.6 billion by 2027.

Dem talk say election year spending pressure fit make borrowing even worse.

For dia 2026 Article IV report wey dem release on Tuesday, IMF show say Nigeria external debt go rise from $51.9bn for 2025, go $66.5bn for 2026, before e finally reach $72.6bn for 2027, that one na almost 40% increase inside two years. IMF talk say poverty wey dey rise, food wey no dey enough, plus spending wey dey come before 2027 presidential election, fit make government deficit grow and increase how dem dey borrow money.

According to report, Nigeria total external debt (including private sector) fit rise from $109.3bn for 2025 go reach $132bn by 2027.

IMF explain say public external debt compared to export income fit increase from 82.9% for 2025 reach 104.3% for 2027, and di interest wey government dey pay on debt go rise from $2bn to $3bn for that same period, and debt servicing go continue to chop more than half of federal government income, with interest alone fit take over 52% of revenue by 2027.

IMF still show worry about government plan for $5bn Total Return Swap (TRS) arrangement, say these kind financial structure dey risky and no too clear.

IMF representative for Nigeria, Christian Ebeke, still advise caution say these type deals dey risky and usually no dey transparent.

He add say Nigeria already fit access international money market, so government fit still consider things like Eurobonds or cheaper concessional loans instead.