ABUJA, Nigeria — Nigeria has fully repaid the $3.4 billion loan secured from the International Monetary Fund (IMF) in 2020 under the Rapid Financing Instrument (RFI), marking its removal from the IMF’s outstanding credit list for the period May 1–6, 2025.
The IMF published its latest credit outstanding data on Tuesday, May 6, 2025, listing over 90 countries with a combined debt of $117.79 billion.
Nigeria was notably absent, signalling the complete settlement of its obligations to the Bretton Woods institution.
The loan, disbursed during the COVID-19 pandemic to support Nigeria’s balance of payments and economic recovery efforts, was equivalent to SDR 2.454 billion (Special Drawing Rights)—the IMF’s reserve asset.
According to repayment data, Nigeria remitted SDR613.62 million in 2023, SDR1.22 billion in 2024, and the final SDR613.62 million in 2025, completing the five-year repayment schedule.
The IMF has not issued an official comment, but the data is consistent with the agreed terms of the facility.
Confirming the development on Thursday, May 8, 2025, via social media, Tolu Ogunlesi, former digital media aide to ex-President Muhammadu Buhari, said the loan was honoured under the current administration of President Bola Tinubu.
“Naija no dey carry last, and we no dey default,” Ogunlesi wrote, highlighting the timely repayments and adherence to the original agreement.
O’tega Ogra, Senior Special Assistant to President Tinubu on Digital and New Media, said the repayment enhances Nigeria’s fiscal credibility.
“With this repayment, Nigeria is better placed to strengthen our fiscal credibility and show the world that we are serious about managing our economy with responsibility and vision,” Ogra said.
He noted that any future dealings with financial institutions would be proactive and partnership-driven, not borne out of desperation or dependence.
