The Federal Government of Nigeria has fully repaid the $3.4 billion loan obtained from the International Monetary Fund (IMF) in 2020.
The IMF confirmed Nigeria’s removal from its list of countries with outstanding loans as of May 6, 2025.
Nigeria is no longer among the 90 countries owing a combined $117.79 billion to the IMF.
In 2020, the IMF disbursed SDR 2.45 billion to Nigeria under the Rapid Financing Instrument (RFI).
Special Drawing Rights (SDRs) are international reserve assets used by the IMF for global financial support.
The loan helped Nigeria respond to the economic impact of the COVID-19 pandemic.
According to the IMF, repayments followed this schedule:
- 613.62 million SDR in 2023.
- 1.22 billion SDR in 2024.
- 613.62 million SDR in 2025.
These payments total SDR 2.45 billion, equal to the full amount disbursed.
Tolu Ogunlesi, former aide to ex-President Buhari, confirmed the repayment in a post on X (formerly Twitter).
He explained that the loan came with a five-year repayment period and a 3.25-year moratorium.
Repayments began in 2023 and concluded in 2025, under the current administration.
Ogunlesi noted the loan used 100% of Nigeria’s SDR quota.
He praised Nigeria for meeting the IMF’s terms and maintaining financial discipline.
The successful repayment enhances Nigeria’s creditworthiness and global financial credibility.
It shows Nigeria’s commitment to fulfilling international financial obligations.
The Rapid Financing Instrument offered fast support to countries facing urgent balance of payment needs during the pandemic.
Clearing the loan signals improved debt management by the Nigerian government.
This development could boost investor confidence and improve access to international credit.
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