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The Federal Government of Nigeria has cleared the $3.4bn International Monetary Fund, IMF, COVID-19 loan.
The IMF removed Nigeria from its credit outstanding list for the period covering May 1 to May 6, 2025.
In the list published by the international finance body, at least 90 countries owe a combined $117.79 billion, and Nigeria is not among them.
According to data from the IMF, the Bretton Woods institution disbursed the Special Drawing Right, SDR 2.45 billion to Nigeria in 2020.
DAILY POST reports that Special Drawing Right, SDR, is a type of currency reserve used by the IMF.
According to the IMF, the repayments were made as follows: SDR613.62 million in 2023, SDR1.22 billion in 2024, and SDR613.62 million in 2025.
Former Special Assistant to ex-President Muhammadu Buhari on Digital and New Media, Tolu Ogunlesi, who was serving his second term when the loan was obtained, while commenting on the development on Thursday via Twitter, confirmed that Nigeria’s payment of SDR2.45 billion fully repays the $3.4 billion COVID-19 loan from the IMF under the Rapid Financing Instrument, RFI.
According to him, the five-year repayment period had been completed under the current administration, in line with the agreed terms.
“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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