Nigeria has joined the list of countries that do not owe the International Monetary Fund (IMF), after it cleared a US$3.4 billion emergency loan it received during the pandemic.
- •The financing, provided in April 2020, was meant to cushion the economy as oil revenues fell.
- •Nigeria finished paying off the principal in April, and it was subsequently removed from the debtors list.
- •The country still owes “about US$ 30 million annually” in charges, administrative fees, and interest payments.
“The net payment of the charges stops when Nigeria’s Special Drawing Rights (SDRs) holdings reach the cumulative allocation amount,” the IMF said in a statement.
Nigeria’s SDR holdings total US$ 4.3 billion and its cumulative SDR allocation is US$5.5 billion.
According to Reuters, Nigeria spent US$4.66 billion, about 35% of which went to the IMF, to repay foreign debt in 2024. While the government has taken major steps to stabilise the economy, lower oil prices and elevated risks, especially currency-related, remain a major issue.
As of May 8th, 2025, the IMF debtors’ list showed it is owed a total of US$117.6 billion.
