Nigeria has officially cleared its $3.4 billion debt to the International Monetary Fund (IMF), effectively removing itself from the list of debtor countries. The loan, secured in April 2020 under the IMF’s Rapid Financing Instrument, was aimed at mitigating the economic impact of the COVID-19 pandemic and the subsequent decline in oil prices. The repayment was completed as of April 30, 2025.…….CONTINUE READING
This achievement marks a significant milestone in Nigeria’s fiscal management, reflecting the success of a strategic debt reduction plan under President Bola Tinubu’s administration. The country’s debt to the IMF had steadily declined from $1.61 billion in July 2023 to zero by May 2025.
Despite the full repayment, Nigeria will continue to make annual payments of approximately $30 million in Special Drawing Rights (SDR) charges, totaling about $120 million over the next four years.
Financial experts view this development as a positive signal to international investors, indicating Nigeria’s commitment to fiscal discipline and economic stability.
