Nigeria Repays $3.4bn COVID-19 Loan to Exit IMF Debtor List

The global lender provided funding support to some countries after the COVID-19 pandemic in 2020, which crumbled the global economic and made some nations struggling to survive.

Nigeria was among the countries that relied on the IMF for funding support and it has repaid the loan, prompting the lender to remove its name from the debtors’ list.

The journey towards clearing this debt began in earnest in 2023, when the nation’s IMF debt stood at $1.61 billion, reaching $472 million by January 2025.

Commenting on the development, the Senior Special Assistant to the President on Digital Engagement and Strategy, Mr O’tega Ogra, described the clearance as a “strategic reset” for the nation’s financial policy.

He emphasized that this achievement is a reflection of the administration’s focus on fiscal discipline, long-term sustainability, and economic resilience.

“This milestone signals a new chapter for Nigeria, one marked by clarity, capacity, and fiscal responsibility.

“We are no longer defined by aid dependence but by our capacity to stand tall and manage our financial future on our terms,” Mr Ogra stated.

While Nigeria’s exit from the IMF’s debtor list is a symbolic moment of progress, Mr Ogra made it clear that the country would continue to engage with the IMF and other international partners, but now on a more proactive, strategic basis.

“Global partnerships remain essential, but we approach them from a place of strength, not dependency,” he added.