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Nigeria Repays $3.4bn COVID-19 IMF Emergency Loan

Last updated: May 8, 2025 7:17 pm
3 weeks ago Lanre Babalola
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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.

MUST READ: New COVID-19 variant: Nigeria raises surveillance level

The repayment marks a milestone in Nigeria’s post-pandemic economic management and its ongoing efforts to rebuild fiscal credibility.

(Editor: Ken Eseni)

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