The Federal Government has confirmed the complete repayment of the $3.4 billion loan obtained from the International Monetary Fund (IMF) during the COVID-19 pandemic. This was confirmed by the Minister of Information and National Orientation, Mohammed Idris, while addressing State House correspondents following the Federal Executive Council meeting held on Monday.
Updated May 12, 2025
Loans
Last week, reports emerged indicating that Nigeria had officially been removed from the IMF’s list of debtors, a result of the complete settlement of its outstanding credit obligations.
Analysts suggest that this major development, validated by the IMF’s most recent report, signifies a pivotal shift in the nation’s fiscal management.
As of May 2025, Nigeria is no longer listed among the 91 developing countries with outstanding credit to the IMF. This marks the conclusion of a two-year repayment plan.
This accomplishment, documented in the IMF’s “Total IMF Credit Outstanding,” has been recognized as a significant milestone for Nigeria’s financial management, positioning the country as debt-free from its previous commitments.
The repayment process commenced in 2023, when Nigeria’s debt to the IMF totaled $1.61 billion. Through stringent financial reforms, the debt was gradually reduced, reaching $472 million by January 2025, before being fully repaid by May of the same year.
The final settlement not only eliminates the burden of past debt but also strengthens Nigeria’s standing within the global economic arena.
In related news, Femi Falana, a Human Rights lawyer, SAN, has urged the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate alleged misappropriation of the $3.4 billion loan acquired from the International Monetary Fund (IMF) by Nigeria to combat the COVID-19 pandemic.
He made this call in a statement issued on Sunday on behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB).
Falana also appealed to the IMF board to probe what he described as a deliberate failure by its management to ensure that the emergency funds were “used for their intended purposes.”
He further requested that the IMF suspend the collection of scheduled charges, including net charges, basic interest, and administrative fees, totaling SDR 125.99 million (N275.28 billion), pending the outcome of its investigation.
Discover more from Rootedscope Media
Subscribe to get the latest posts sent to your email.
