May 15, 2025
Nigeria repays US$3.4 billion debt to IMF
Nigeria is now debt-free to the International Monetary Fund (IMF) after repaying the US$3.4 billion financial support it received from the financial institution in 2020 to help mitigate the economic challenges that came with the coronavirus pandemic.
This was confirmed by Christian Ebeke, the IMF representative to Nigeria, who reported that as of April 30, 2025, the country has fully repaid the financial support it received from the IMF.
“Nigeria is expected to honour some additional payments in the form of special drawing rights charges of about US$30 million annually,” Ebeke was quoted as saying by Reuters.
The country spent US$4.46 billion last year to service its foreign debt. Some US$1.63 million of that debt was to the IMF.
