The Federal Government has confirmed full payment of the sum of $3.4 billion loan received from the International Monetary Fund (IMF) during the COVID-19 pandemic.
The Minister of Information and National Orientation, Mohammed Idris, confirmed this while briefing State House correspondents after the Federal Executive Council meeting at the State House, Abuja.
The news broke out last week that Nigeria has officially removed itself from the International Monetary Fund’s (IMF) debtor list, following the full settlement of its outstanding credit obligations.
Analysts say this significant step, confirmed by the IMF’s latest report, marks a turning point in the country’s fiscal journey.
As of May 2025, Nigeria no longer appears among the 91 developing nations with pending credit to the IMF, signaling the culmination of a two-year repayment initiative.
This achievement, reported in the IMF’s “Total IMF Credit Outstanding” document, has been hailed as a defining moment for Nigeria’s financial management, with the country now emerging debt-free from its previous obligations.
The journey towards clearing this debt began in earnest in 2023, when the nation’s IMF debt stood at $1.61 billion.
Through disciplined fiscal reforms, the debt steadily declined, reaching $472 million by January 2025, before being fully repaid by May of the same year.
The final settlement not only removes the burden of legacy debt but also strengthens Nigeria’s position on the global economic stage.
Meanwhile, Human Rights lawyer, Femi Falana, SAN, has called on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the alleged criminal diversion of the $3.4 billion loan obtained from International Monetary Fund (IMF) by Nigeria to fight the COVID-19 pandemic.
He made the call in a statement he signed on behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB) on Sunday.
Falana also called on the IMF board to probe alleged deliberate refusal of its management to ensure that the emergency funds were “used for their intended purposes“.
He further urged the IMF to suspend the collection of the scheduled charges, including net charges, basic interest, and administrative fees, amounting to SDR 125.99 million (N275.28 billion) pending the conclusion of its investigation.
