The Federal Government of Nigeria has confirmed the full repayment of the $3.4 billion loan it received from the International Monetary Fund (IMF) during the COVID-19 pandemic.
Minister of Information and National Orientation, Mohammed Idris, announced the development on Monday while addressing journalists after the Federal Executive Council (FEC) meeting at the State House in Abuja.
Last week, reports emerged that Nigeria had cleared its outstanding obligations to the IMF, officially removing the country from the list of IMF debtor nations. The IMF’s most recent report, “Total IMF Credit Outstanding,” no longer lists Nigeria among the 91 developing countries with outstanding loans, signaling the successful completion of a two-year repayment effort.
Analysts have described the development as a milestone in Nigeria’s fiscal history, underscoring improved financial discipline and signaling greater credibility in international financial circles.
The repayment process began in 2023, when Nigeria’s outstanding IMF debt was $1.61 billion. By January 2025, the balance had been reduced to $472 million, with full repayment achieved in May 2025.
This development not only eliminates the burden of external debt from the pandemic era but also enhances Nigeria’s fiscal reputation globally.
However, human rights lawyer Femi Falana, SAN, has raised concerns over the handling of the IMF loan. Speaking on behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB), he urged the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate alleged misuse of the funds.
Falana also called on the IMF to launch an internal probe into its management’s oversight during the disbursement and utilization of the emergency loan. He further requested a temporary suspension of associated charges—such as basic interest, net charges, and administrative fees—amounting to SDR 125.99 million (approximately ₦275.28 billion) until the investigation concludes.
