FG Confirms Full Repayment Of $3.4bn COVID-19 IMF Loan

The Federal Government has confirmed full payment of the sum of $3.4 billion loan received from the International Monetary Fund (IMF) during the COVID-19 pandemic.

The Minister of Information and National Orientation, Mohammed Idris, confirmed this while briefing State House correspondents after the Federal Executive Council meeting at the State House, Abuja on Monday.

The news broke out last week that Nigeria has officially removed itself from the International Monetary Fund’s (IMF) debtor list, following the full settlement of its outstanding credit obligations.

Analysts say this significant step, confirmed by the IMF’s latest report , marks a turning point in the country’s fiscal journey.

As of May 2025, Nigeria no longer appears among the 91 developing nations with pending credit to the IMF, signaling the culmination of a two-year repayment initiative.

This achievement, reported in the IMF’s “Total IMF Credit Outstanding ” document, has been hailed as a defining moment for Nigeria’s financial management, with the country now emerging debt-free from its previous obligations.

The journey towards clearing this debt began in earnest in 2023, when the nation’s IMF debt stood at $1.61 billion. Through disciplined fiscal reforms, the debt steadily declined, reaching $472 million by January 2025, before being fully repaid by May of the same year.

The final settlement not only removes the burden of legacy debt but also strengthens Nigeria’s position on the global economic stage.