The International Monetary Fund (IMF) has officially removed Nigeria from its list of countries with outstanding debts, confirming the full repayment of a $3.4 billion COVID-19 loan disbursed in 2020.
A publication by the IMF, covering the period between May 1 and May 6, 2025, showed that Nigeria is no longer among the over 90 countries owing a total of $117.79bn.
The IMF had earlier provided Nigeria with SDR 2.45 billion—its full Special Drawing Rights (SDR) quota—under the Rapid Financing Instrument (RFI) during the pandemic.
Full breakdown of Nigeria’s repayments
According to IMF records, Nigeria repaid the loan in tranches over three years. In 2023, it paid SDR 613.62 million. The following year, 2024, saw another repayment of SDR 1.22 billion.
The final payment of SDR 613.62 million was completed in 2025, bringing the total repayment to SDR 2.45 billion.
By May 7, 2025, Nigeria’s outstanding balance had dropped to zero.
Buhari’s administration took the loan — Tinubu’s team repaid it
Tolu Ogunlesi, a former digital aide to ex-President Muhammadu Buhari, confirmed that the repayment covers the full loan taken in 2020, during Buhari’s second term.
He explained that the repayment spanned five years, in line with IMF terms that included a 3.25-year grace period ending in the third quarter of 2023.
The current administration under President Bola Tinubu oversaw the final repayments.
Tinubu aide: This marks a turning point
O’tega Ogra, senior special assistant on digital and new media to President Tinubu, praised the repayment as a step towards restoring fiscal credibility.
With this repayment, Ogra said, Nigeria has shown the world and its citizens that it is serious about managing the economy with responsibility and vision.
He added that future international engagements will now focus on partnerships rather than dependence.
