Data from the Debt Management Office (DMO) shows that Nigeria’s debt to the IMF stands at $2,032 billion as of March 2024.

According to the data, Nigeria is more indebted to the World Bank Group than any creditor, with a total outstanding debt of $15.102 billion as of March 2024.

World Bank approves new loan for Nigeria

The bank recently approved another $1.57 billion loan for two projects in the country in addition to the $2.5 billion approved in June this year.

Nigeria has secured $6.65 billion under President Bola Tinubu's current government.

Loans from the International Monetary Fund (IMF) come with as many obligations as they stabilise a country’s economy.

What low debt exposure means for a country

A low debt to the IMF for African countries shows a healthy economy as it relies more on internally generated revenue to drive development.

According to experts, countries with a low debt to the IMF are less vulnerable to policy changes or economic reforms by the lender.

Also, a low debt profile shows that a country is better equipped to manage its international financial obligations, maintain a positive balance of payment, and fund imports with less help from outside sources.

Reports say that Seychelles replaced Burundi as the country with the lowest debt to the IMF.

Top 10 countries with the lowest debt to the IMF

Lesotho: 11,660,000
Comoros: 18,847,975
Sao Tome & Principe: 24,018.294
Djibouti: 31,800,000
Eswatini: 39,250,000
Guinea Bissau: 48,920,000
Cape Verde 64,984,000
Equatorial Guinea: $74,096, 417
Somalia: 79,500,000
Seychelles: 97,152,000