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IMF Discusses Debt With Creditors As Nigeria Considers Restructuring

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With the Nigerian government ruminating over the idea of debt restructuring, the International Monetary Fund (IMF) has said, it is in discussion with

creditors on finding parameters that would align debt restructuring, debt relief with the impact of the climate crisis.

This is as total debt of the country stood N87.38 trillion in the second quarter of this year. According to IMF, Nigeria is among the five countries that account for 55 percent of official bilateral debt to China. “I do hear the legitimate calls of African countries, not only African countries, but countries also all over the world that are burdened by debt, especially painful to see when some of this debt is because of climate‑related shocks, because of a problem these countries have done nothing to create. But we need to assess objectively and realistically. Debt cancellation requires all creditors to agree.

 

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