NIGERIA FULLY SETTLES $3.4BN IMF COVID-19 LOAN
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The Federal Government of Nigeria has fully repaid the $3.4 billion loan it received from the International Monetary Fund (IMF) during the COVID-19 pandemic.
As of May 6, 2025, Nigeria was no longer listed among countries with outstanding IMF credit, according to a recent update by the financial institution. The list, covering May 1 to May 6, includes at least 90 nations collectively owing $117.79 billion—excluding Nigeria.
The IMF had disbursed SDR 2.45 billion (equivalent to $3.4 billion) to Nigeria in 2020 under the Rapid Financing Instrument (RFI), a facility designed to provide swift financial assistance during emergencies.
Repayment records show that Nigeria paid back SDR613.62 million in 2023, SDR1.22 billion in 2024, and SDR613.62 million in 2025.
Former presidential aide Tolu Ogunlesi confirmed the full repayment via a post on Twitter, noting that the current administration has completed the five-year repayment plan as scheduled, fulfilling the terms agreed upon at the time the loan was secured.
“This US$3.4 billion (equivalent to 2.454.5 billion SDR; amounting to 100% of our SDR quota) Covid-19 assistance from the IMF to @NigeriaGov, under the IMF’s Rapid Financing Instrument (RFI), has now been fully repaid, in line with the terms of the agreement.
“A repayment period of 5 years, meaning 2020 to 2025, and a moratorium of 3.25 years, meaning that we had a grace period until Q3 2023 before we had to start repaying,” he explained.
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