WATCH THE VIDEO HERE The International Monetary Fund (IMF) has confirmed that Nigeria has fully repaid the $3.4 billion financial support it received under the Rapid Financing Instrument (RFI) to cushion the economic impacts of the COVID-19 pandemic. In a statement sent to journalists on Thursday on behalf of Mr Christian Ebeke, the IMF’s Resident Representative for Nigeria, the Fund announced that the repayment was completed on April 30, 2025. The facility was disbursed in April 2020 at the height of the pandemic to assist Nigeria in addressing a sharp fall in oil prices, economic contraction, and fiscal pressures. “As of April 30, 2025, Nigeria has fully repaid the financial support of about US$3.4 billion it requested and received in April 2020 from the International Monetary Fund (IMF) under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices,” the IMF stated. The Fund noted that despite the full settlement of the principal, Nigeria will continue to honour additional annual payments related to Special Drawing Rights (SDR) charges. It clarified that Nigeria would continue to make annual payments of approximately $30 million in SDR-related charges over the next few years. These charges stem from the difference between Nigeria’s SDR holdings and its cumulative SDR allocation. Data obtained from the IMF’s website by Naijaonpoint indicates that Nigeria’s total charge for 2025 is expected to reach SDR 22.35 million (approximately $30.24 million), with payments scheduled across May, August, and November. Nigeria’s $3.4 billion loan from the IMF was one of the largest disbursements under the RFI globally at the time and came with relatively favourable terms compared to traditional IMF programmes.
IMF confirms Nigeria’s full repayment of $3.4 billion COVID-19 loan
