The Nigerian Government has confirmed the full repayment of the $3.4 billion loan secured from the International Monetary Fund (IMF) during the COVID-19 pandemic.
Minister of Information and National Orientation, Mohammed Idris, announced the development while addressing State House correspondents following the Federal Executive Council meeting in Abuja on Monday.
Reports emerged last week that Nigeria had officially exited the IMF’s list of debtor nations, having settled all outstanding credit obligations in full.
According to analysts, this milestone—validated by the IMF’s most recent report—marks a significant shift in Nigeria’s fiscal standing.
As of May 2025, Nigeria no longer features among the 91 developing countries with outstanding debts to the IMF, bringing to a close a two-year repayment effort.
The development was highlighted in the IMF’s Total IMF Credit Outstanding document, and has been hailed as a pivotal achievement in Nigeria’s financial management, signalling the end of its IMF debt burden.
The repayment process began in earnest in 2023, when Nigeria’s IMF obligations stood at $1.61 billion. Steady reductions followed, falling to $472 million by January 2025, before being fully cleared by May.
The conclusion of the repayment not only relieves Nigeria of legacy debt but also improves its international financial credibility.
Meanwhile, prominent 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 allegations of the misappropriation of the $3.4 billion IMF loan.
In a statement issued on behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB), Falana urged the IMF Board to investigate claims that its management failed to ensure the emergency funds were used appropriately.
He also called on the IMF to suspend charges, including interest and administrative fees totalling SDR 125.99 million (₦275.28 billion), pending the outcome of the investigation.