17/04/2026
IMF Raises Alarm Over Nigeriaโs Rising Debt, Warns of Tough Times Ahead
The International Monetary Fund (IMF) has warned that Nigerians may face tougher economic conditions as rising food and transport costs continue to push up the cost of living amid global economic pressures.
The IMF also raised concerns about Nigeriaโs growing debt burden, even as crude oil prices climb above $113 per barrelโfar higher than the $60 benchmark set in the 2026 budgetโpotentially boosting government revenue.
Recent prices show Brass River crude at $113.82 and Qua Iboe at $113.72 per barrel, driven by global tensions, including uncertainty surrounding USโIran peace talks.
IMF Africa Director Abebe Selassie noted that the crisis is already increasing transport and fertilizer costs, worsening food insecurity, and placing additional strain on households across Nigeria and the wider region.
He urged governments to maintain reforms, manage debt responsibly, prioritize essential spending, and improve revenue collection, emphasizing that consistent and efficient policies are key to navigating ongoing economic challenges.
