Breaking: Nigeria Removes From Debtors List After Clearing $3.4 Billion IMF Loan

Nigeria has been taken off the list of debtor countries after paying back its $3.4 billion loan to the International Monetary Fund (IMF) in full. In order to lessen the financial impact of the COVID-19 pandemic, the loan was acquired in April 2020 under the IMF's Rapid Financing Instrument. On April 30, 2025, the last payment was made. Nigeria is no longer one of the 91 nations having $117.8 billion in outstanding debts, according to the IMF's report "Total IMF Credit Outstanding—Movement from May 01, 2025 to May 06, 2025."

O'tega Ogra, Senior Special Assistant to the President on Digital Engagement, Strategy, and New Media, called the move a "strategic reset," highlighting Nigeria's dedication to change and economic restraint. Nigeria still owes about SDR 125.99 million (about N274 billion) in interest and administrative fees, which must be paid yearly until 2029 even though the principal has been paid off.

Nigeria's recent economic changes, such as the elimination of fuel subsidies and the unification of foreign exchange rates, have been recognised by the IMF as measures towards stabilising the economy and fostering sustainable growth. According to analysts, Nigeria's fiscal credibility is strengthened by paying off the IMF debt, which might raise its credit rating and inspire investor confidence.

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