Nigeria Completes Repayment of $3.4 Billion IMF COVID-19 Loan

The Federal Government of Nigeria has announced the complete repayment of the $3.4 billion loan secured from the International Monetary Fund (IMF) during the COVID-19 pandemic.

This was confirmed by the Minister of Information and National Orientation, Mohammed Idris, while addressing journalists after the Federal Executive Council (FEC) meeting held in Abuja on Monday.

According to Daily Post, Nigeria has now officially exited the IMF debtor list, following the full settlement of the emergency loan. As of May 2025, the country is no longer among the 91 developing nations with outstanding obligations to the IMF, marking the conclusion of a disciplined two-year repayment plan.

The repayment process began in 2023, when Nigeria’s outstanding debt to the IMF was $1.61 billion. Through consistent fiscal reforms and financial management, the amount was reduced to $472 million by January 2025 and was fully repaid by May 2025.

This achievement is expected to boost Nigeria’s economic image globally and relieve the nation of a major debt burden inherited from the pandemic era.

Meanwhile, prominent human rights lawyer, Femi Falana (SAN), has called for an investigation into the alleged misuse of the IMF loan. In a statement issued on behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB), Falana urged the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) to probe the reported diversion of the funds meant to fight COVID-19 in Nigeria.