Federal Government of Nigeria has confirmed the complete repayment of a $3.4 billion loan obtained from the International Monetary Fund (IMF) during the COVID-19 pandemic.
Gatekeepers News reports that the Minister of Information and National Orientation, Mohammed Idris, confirmed this during a briefing with State House correspondents following the Federal Executive Council (FEC) meeting in Abuja.
As a result of this successful repayment, Nigeria has officially removed itself from the IMF’s debtor list. Last week, the country marked a significant milestone by no longer being included among the 91 developing nations with outstanding credits to the IMF, finishing a repayment initiative that lasted two years.
The process to settle this debt began in 2023 when Nigeria’s outstanding obligation to the IMF was reported at $1.61 billion. Through disciplined fiscal reforms, the debt gradually decreased to $472 million by January 2025, culminating in full repayment by May 2025.
This final settlement not only alleviates Nigeria’s legacy debt burden but also enhances its standing in the global economic arena.
