The International Monetary Fund (IMF) has removed Nigeria from its list of countries with outstanding credit for the period of May 1 to May 6, 2025. This confirms that Nigeria has fully repaid the $3.4 billion COVID-19 loan obtained in 2020 under the IMF’s Rapid Financing Instrument (RFI).
The IMF’s published list shows that 90 countries collectively owe $117.79 billion, but Nigeria is no longer among them. According to IMF data, the loan was disbursed as Special Drawing Rights (SDR) amounting to SDR 2.45 billion. Repayments were made in three installments: SDR 613.62 million in 2023, SDR 1.22 billion in 2024, and SDR 613.62 million in 2025.
Tolu Ogunlesi, former Special Assistant to ex-President Muhammadu Buhari on Digital and New Media, confirmed the development on Twitter. He explained that the loan was fully repaid in line with the agreed five-year repayment period (2020–2025), which included a 3.25-year grace period ending in Q3 2023.