The International Monetary Fund (IMF) has confirmed that Nigeria has fully repaid the $3.4 billion emergency loan it received in 2020 to cushion the economic impact of the COVID-19 pandemic.
The funding was disbursed in April 2020 under the IMF’s Rapid Financing Instrument (RFI), designed to provide swift financial assistance to countries facing urgent balance of payments needs. At the time, Nigeria was grappling with a sharp decline in oil prices that pushed the economy into recession.
In a statement released on Thursday, Christian Ebeke, IMF Resident Representative to Nigeria, announced that as of April 30, 2025, the country had completely repaid the facility.
“Nigeria is expected to honour some additional payments in the form of Special Drawing Rights (SDR) charges of about $30 million annually,” Ebeke added.
Data from Nigeria’s Debt Management Office (DMO) indicates that in 2024 alone, the country spent $4.66 billionservicing its external debts, with $1.63 billion allocated to the IMF.
