Nigerian Govt confirms full repayment of $3.4bn COVID-19 IMF loan
The Federal Government has officially announced the complete repayment of the $3.4 billion loan secured from the International Monetary Fund (IMF) during the COVID-19 pandemic.
Minister of Information and National Orientation, Mohammed Idris, made the disclosure on Monday while addressing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja.
Last week, Nigeria was formally removed from the IMF’s list of debtor nations following the full settlement of its outstanding loan obligations.
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As of May 2025, Nigeria is no longer among the 91 developing countries with outstanding debts to the IMF, marking the conclusion of a two-year repayment effort.
The repayment process began in 2023, when Nigeria’s IMF debt stood at $1.61 billion. Through consistent fiscal reforms, the debt was reduced to $472 million by January 2025 and fully cleared by May of the same year.
This final repayment not only lifts a significant financial burden but also enhances Nigeria’s standing in the global economic arena.
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Meanwhile, human rights lawyer Femi Falana, SAN, has urged the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the alleged misappropriation of the $3.4 billion loan.
Falana appealed in a statement issued on behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB) on Sunday.
The senior lawyer also urged the IMF board to investigate claims that its management willfully failed to ensure the emergency funds were utilized for their designated purposes.
He further called on the IMF to halt the collection of scheduled charges—including net charges, basic interest, and administrative fees, totaling SDR 125.99 million (₦275.28 billion), until the investigation is concluded.
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