ABUJA (CONVERSEER) – The Federal Government of Nigeria has completed the repayment of the $3.4 billion emergency funding it received from the International Monetary Fund (IMF) in April 2020 to cushion the economic impact of the COVID-19 pandemic.
The loan, granted under the IMF’s Rapid Financing Instrument, was intended to help the country, Africa’s largest oil exporter, cope with a sharp drop in crude oil prices that triggered a recession.
According to the IMF, Nigeria had fully repaid the facility as of April 30, 2025.
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While the main loan has been settled, Nigeria is still expected to make additional annual payments of approximately $30 million in Special Drawing Rights charges.
Data from Nigeria’s Debt Management Office indicates that the country spent $4.66 billion servicing its external debt in the previous year, with $1.63 billion of that amount paid to the IMF.
