Nigeria Clears $3.4 Billion IMF COVID-19 Loan Ahead of Schedule
Country Successfully Repays Debt Secured During Pandemic
By Kolawole Ojebisi
Nigeria has officially cleared its debt to the International Monetary Fund (IMF), fully repaying the $3.4 billion loan obtained during the COVID-19 pandemic in 2020. The IMF’s latest records confirm Nigeria’s removal from its list of debtor nations.
IMF Records Confirm Repayment
Recent data from the IMF website shows Nigeria is no longer among the 90+ countries owing a combined $117.79 billion to the institution. The Bretton Woods organization had initially disbursed SDR 2.45 billion (Special Drawing Rights) to Nigeria in 2020 as part of its Rapid Financing Instrument (RFI) program.
Tolu Ogunlesi, former digital media aide to ex-President Muhammadu Buhari, provided detailed insights into the repayment process via social media. He confirmed Nigeria completed payments within the agreed five-year timeframe, including a 3.25-year grace period.
Structured Repayment Timeline
The repayment schedule showed:
- June 30, 2023: 2,454,500,000 SDR outstanding
- December 31, 2023: Reduced to 1,840,875,000 SDR
- June 30, 2024: Further reduced to 1,227,250,000 SDR
- March 31, 2025: Down to 306,810,000 SDR
- May 7, 2025: Zero balance achieved
Government Officials React
O’tega Ogra, Senior Special Assistant to President Bola Tinubu on Digital Media, emphasized the significance of this achievement: “With this repayment, Nigeria strengthens its fiscal credibility and demonstrates responsible economic management.” He added that future engagements with international financial institutions would be “based on partnership, not dependence.”
The successful repayment comes as Nigeria continues to implement economic reforms under President Tinubu’s administration, including foreign exchange market adjustments and subsidy removals.
Full credit to the original publisher: New Diplomat