Abdulwahab Isa 
The Debt Management Office (DMO) has confirmed that Nigeria has fully repaid the $3.4 billion loan obtained from the International Monetary Fund (IMF) in 2020 to cushion the effects of the COVID-19 pandemic.
DMO Director General, Patience Oniha, disclosed this in response to an inquiry by New Telegraph, confirming that the principal loan amount has been cleared in full.
“Confirmed, repaid in full,” Oniha stated, further validating reports that Nigeria has been removed from the IMF’s list of indebted African nations.
Nigeria secured the $3.4 billion loan under the IMF’s Rapid Financing Instrument (RFI) in April 2020 to address urgent balance of payments needs following the economic fallout of the COVID-19 pandemic, which had triggered a sharp decline in oil prices, a recession, and heightened fiscal pressures.
While the principal has been fully settled, officials confirmed that interest and other charges are still being serviced.
The IMF acknowledged the development in its latest report titled “Total IMF Credit Outstanding – Movement from May 01, 2025, to May 06, 2025,” published on its website on Wednesday. The report confirmed Nigeria is no longer among the 91 countries with outstanding credit obligations to the Fund. As of May 6, 2025, these countries collectively owed $117.8 billion.
The total IMF credit outstanding globally stood at $117.79 billion as of May 7, 2025. This includes both unpaid and outstanding principal from current and expired arrangements.
Nigeria’s debt repayment trajectory showed a steady decline over the past two years. According to data from StatiSense, a data intelligence firm, Nigeria’s debt to the IMF stood at $1.61 billion as of July 28, 2023. By January 5, 2024, it had reduced to $1.37 billion; further declined to $933.03 million by July 10, 2024; and reached $472.06 million by January 8, 2025. By May 2025, the debt was fully cleared.
Reacting to the development, Senior Special Assistant to the President on Digital Engagement, Strategy, and New Media, O’tega Ogra, described the repayment as a “strategic reset” in Nigeria’s financial management under President Bola Tinubu.
In a post via his official X handle, Ogra said the move reflects the administration’s commitment to fiscal discipline, economic reform, and long-term sustainability.
“As Nigeria closes the chapter on these legacy debt obligations, we are better placed to strengthen our fiscal credibility and show the world—and ourselves—that Nigeria is serious about managing our economy with responsibility and vision,” he said.
Ogra emphasized that exiting the IMF debtor list does not mean Nigeria will cut ties with the Fund or other international financial institutions. Rather, he said future interactions would be based on strategic partnerships, not emergency relief.
“This is definitely not a door slammed shut. Global partnerships, like the IMF, remain valuable allies, especially in a world defined by volatility and uncertainty. The difference now is that any future engagement will be proactive, not reactive, and based on partnership, not dependence,” he added.
He further highlighted President Tinubu’s commitment to long-term structural reforms and responsible fiscal management, stating, “Nigeria is rising with clarity, capacity, and credibility, and this is why you should take a #BetOnNigeria.”
Both the IMF and World Bank have commended recent economic reforms implemented by the Nigerian government, describing them as bold steps capable of restoring macroeconomic stability and driving growth.
