The Federal Government has fully repaid the $3.4 billion emergency loan secured from the IMF during the COVID-19 pandemic, signaling a shift in Nigeria’s fiscal outlook and global credit standing.
- Minister Mohammed Idris confirmed the repayment after the FEC meeting, noting Nigeria is no longer on the IMF debtor list.
- Nigeria’s IMF debt stood at $1.61bn in 2023 and was fully cleared by May 2025 through disciplined reforms.
- The IMF’s latest credit report shows Nigeria among 91 countries with no outstanding obligations.
Supporters hail the repayment as proof of fiscal discipline under President Tinubu’s administration, celebrating the clearance of not just the IMF loan, but also other debts like Sukuk and FX backlog. Online reactions praised the government’s performance while dismissing critics.
With improved reserves and increased state allocations, can Nigeria sustain this momentum and strengthen local economies without relying on emergency loans?
