CISLAC seeks debt cancellation, reforms at IMF, W’Bank

October 23, 2025October 23, 2025 Aminu Imam

Executive Director of the Civil Society Legislative Advocacy Centre (CISLAC) and Head of Transparency International Nigeria, Auwal Ibrahim Musa Rafsanjani, has raised a red flag over Africa’s deepening fiscal crisis, calling for urgent reforms in global financial governance and African debt management. Speaking at the 2025 Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington D.C., Rafsanjani described Nigeria’s debt trajectory as unsustainable and reckless, with most of the country’s borrowings being used for recurrent expenditure rather than productive investments. ‘Most of the loans we…

“Nigeria now 3rd largest debtor, owes $16.5bn” – World Bank

September 5, 2024September 5, 2024 Aminu Imam

Nigeria has become the third-largest debtor to the World Bank �s International Development Association, (IDA). According to the World Bank, Nigeria had $16.5bn loan exposure as of June 2024, as published in a financial statement dated June 30 2024, recently released by the World Bank. The IDA, a key arm of the World Bank, provides concessional loans and grants to the world�s poorest countries. These loans, characterised by low interest rates and extended repayment periods, are designed to promote economic growth, reduce inequalities, and improve living conditions in developing nations.…

Nigeria�s debt-to-GDP ratio crosses 50%; first time ever

July 1, 2024July 1, 2024 Aminu Imam

Nigeria�s debt-to-GDP (Gross Domestic Product) ratio crossed 50% for the first time ever last week, after the Debt Management Office, (DMO) published the country�s latest public debt figures. According to the DMO, Nigeria now has a public debt portfolio of N121 trillion, consisting of domestic debt of N65.6 trillion and a foreign debt portfolio of $42.1 billion (which is equivalent to N56 trillion when converted to Naira). As of December 2023, Nigeria�s total GDP was N229.9 trillion in nominal terms, though it grew by only 2.74% in real terms. This…

?121.7tr debt: ?”Hold World Bank to account” – SERAP tells Inspection Panel

June 24, 2024June 24, 2024 Aminu Imam

Socio-Economic Rights and Accountability Project, (SERAP), has sent a complaint to the World Bank’s Inspection Panel, urging the Panel �to probe allegations of corruption in the spending of the loans and other funding facilities obtained by the Federal Government and Nigeria�s 36 State governors and to review the implementation of all Bank-funded projects by successive governments since 1999�. In an issued letter, dated June 22, 2024 and signed by SERAP Deputy Director, Kolawole Oluwadare, SERAP urged the Inspection Panel �to determine the extent to which Bank Management has followed or…

�No blanket debt cancellation for Nigeria, Ghana, other African economies� – IMF

October 12, 2023October 12, 2023 Aminu Imam

The International Monetary Fund (IMF) has dismissed the possibility of total debt cancellation for Nigeria, Ghana, and other African economies. Speaking during the African Session, at the ongoing IMF/World Bank Annual Meetings, in Marrakech, Morocco, IMF African Department Director, Abebe Selassie said 50 percent of total debts in sub-Saharan countries are domestic, making debt forgiveness difficult. Recall that the Debt Management Office (DMO) data showed that Nigeria has a total debt stock of $113.4 billion as of June 30, 2023. Selassie, who spoke on the theme: �In Pursuit of Stronger…

N87.4tr Debt: Stakeholders frown at FG excessive borrowing

October 10, 2023October 10, 2023 Aminu Imam

Following the release by the Debt Management Office (DMO) that Nigeria�s entire public debt stock was N87.4 trillion, stakeholders have called for greater restraint to reduce excessive borrowing at all levels of government. Recall that the June 30, 2023 report of the DMO consists of N54.1 trillion ($70.3 billion) in domestic debt and N33.3 trillion ($43.2 billion) in external debt. As of June 30, 2023, the total domestic debt for 36 states and the FCT was N5,815,684,819,242.35. Reports have also shown that some states borrow money to pay salaries rather…

CBN multiple exchange rates may increase debt burden � World Bank

June 2, 2023June 2, 2023 Aminu Imam

The President of the World Bank Group, David Malpass, has warned that Nigeria�s parallel exchange rate is harmful, as it worsens future debt service payments and increases the risk of debt distress. Malpass said this in a blog post, titled: �Parallel Exchange Rates: The World Bank�s Approach to Helping People in Developing Countries�, published on Wednesday on the bank�s website. According to Malpass, about 24 emerging and developing economies, including Nigeria, have an active parallel currency market. The World Bank chief noted that parallel exchange rates are expensive and can…

‘Nigeria�s N77tr debt profile, calamity of highest proportion’ – PENGASSAN

May 12, 2023May 12, 2023 Aminu Imam

The Petroleum and Natural Gas Senior, Staff Association of Nigeria (PENGASSAN), yesterday decried Nigeria�s current debt stock of N77 trillion, describing it as a calamity of the highest proportion. PENGASSAN raised the alarm during its 7th Triennial National Delegates� Conference (NDC) 2023, which held in Abuja, with the theme: �Equity and Social Justice; Advocacy for Equal Opportunities for all Workers�. Speaking during the event, the PENGASSAN President, Comrade Festus Osifo, said Nigeria�s current total public debt profile is quite alarming, mostly when compared to the cost of servicing the debt…

Nigeria�s public debt rises to N46.25tr -DMO

March 31, 2023March 31, 2023 Aminu Imam

Nigeria�s total public debt stock increased to N46.25 trillion or $103.11 billion as of December 2022, the Debt Management Office (DMO) disclosed yesterday. According to the DMO, the new figure is made up of the domestic and external total debt stocks of the Federal Government and the sub-national governments (36 state governments and the Federal Capital Territory). The DMO stated that the comparative figure of public debt as of December 31, 2021, was N39.56 trillion or $95.77 billion. This means that the country�s debt increased by N6.69trn or $7.34bn within…

N77tr Debt: “Buhari borrowed Nigeria back to Stone Age”�- Sowore

January 6, 2023January 6, 2023 Aminu Imam

Following a recent revelation of the nation�s debt of about 77 trillion Naira, the presidential candidate of the African Action Congress, (AAC), Omoyele Sowore, yesterday, accused President Muhammadu Buhari of ‘borrowing Nigeria back to Stone Age’. Recall that the Director-General of the Debt Management Office, (DMO), Patience Oniha, disclosed recently, during a public presentation of the 2023 budget, that Nigeria�s public debt burden may hit N77 trillion if the National Assembly approved the request by President Muhammadu Buhari to restructure the ‘Ways and Means’ advances.� However, Sowore stated that if…