The International Monetary Fund (IMF) has confirmed that Nigeria has fully repaid the $3.4 billion emergency loan it secured during the COVID-19 pandemic.
IMF Resident Representative to Nigeria, Christian Ebeke said in a statement in Abuja on Thursday that, as of April 30, the country had “fully repaid the financial support” it received under the Fund’s Rapid Financing Instrument, a facility that provides urgent balance of payments funding to member nations.
However, Nigeria will continue to make additional payments—approximately $30 million annually as charges tied to the Special Drawing Rights allocation from the IMF.
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The repayment marks a milestone in Nigeria’s post-pandemic economic management and its ongoing efforts to rebuild fiscal credibility.
(Editor: Ken Eseni)
