08/05/2025
Nigeria Reportedly Clears IMF Debt, Removed From Debtors List
Nigeria is no longer listed among debtor nations to the International Monetary Fund (IMF), having fully repaid its outstanding obligations.
A recent IMF report titled “Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025” shows Nigeria absent from the list of 91 countries owing the institution a combined $117.8 billion as of May 6.
The development marks the end of Nigeria’s loan relationship with the IMF, particularly a rapid financing loan secured during the COVID-19 pandemic. A senior IMF official confirmed the situation was still being reviewed, though repayment appears to be complete.
Data firm StatiSense provided a repayment timeline: from $1.61 billion in July 2023, Nigeria reduced the debt to $1.37 billion in January 2024, then $933 million by July 2024, and $472 million by January 2025, finally clearing the balance this month. These figures were converted from IMF’s Special Drawing Rights (SDR) to US dollars.
Presidential aide O’tega Ogra hailed the repayment as a sign of fiscal discipline and reform under President Bola Tinubu. He emphasized that this move does not end Nigeria’s engagement with global financial institutions like the IMF but rather repositions the country for proactive partnerships, not dependency.
“This is a strategic reset,” Ogra posted. “As Nigeria closes the chapter on legacy debt, we strengthen our fiscal credibility. We remain ready to engage, but now on better terms.”
The IMF has recently praised Nigeria’s economic reforms—ending fuel subsidies, improving forex policy, and halting deficit financing by the Central Bank—as bold steps stabilizing the economy and enabling growth.
Despite global uncertainties, the IMF noted Nigeria’s reforms have laid groundwork for resilience and private sector-led development.
