Nigeria clears $3.4bn IMF COVID-19 loan

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The $3.4 billion loan from the International Monetary Fund, IMF, and COVID-19 has been paid back by the Federal Government of Nigeria.

Nigeria was taken off the IMF’s credit outstanding list for the May 1–May 6, 2025, period.

Nigeria is not on the list of at least 90 nations that owe a total of $117.79 billion, according to the international finance authority.

The IMF reports that in 2020, the Bretton Woods organization gave Nigeria SDR 2.45 billion from the Special Drawing Right.

According to ZINGTIE, the IMF uses Special Drawing Rights, or SDR, as a form of currency reserve.

The IMF reports that SDR613.62 million, SDR1.22 billion, and SDR613.62 million were paid back in 2023, 2024, and 2025, respectively.

In his remarks on the development on Thursday via Twitter, former Special Assistant to former President Muhammadu Buhari on Digital and New Media, Tolu Ogunlesi, who was in his second term when the loan was obtained, 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, or RFI.

He said that the current government had fulfilled the agreed-upon terms of the five-year payback period.

“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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