NIGERIAN GOVERNMENT CONFIRMS FULL REPAYMENT OF $3.4BN COVID-19 IMF LOAN

The Federal Government has confirmed full payment 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 newsmen yesterday after the Federal Executive Council, FEC, meeting in Abuja.

Recall that the Nigerian government last week officially removed itself from the International Monetary Fund, IMF,’s debtor list, amid the full settlement of its outstanding credit obligations.

Reports say the journey towards clearing the debt reportedly started in 2023, when the nation’s IMF debt stood at $1.61 billion but through disciplined fiscal reforms, it steadily declined, reaching $472 million by January 2025, before being fully repaid by May of the same year.