The Federal Government has confirmed the full payment of the $3.4 billion loan received from the International Monetary Fund (IMF) during the COVID-19 pandemic.
Minister of Information and National Orientation, Mohammed Idris, made this announcement while briefing State House correspondents after the Federal Executive Council meeting at the State House in Abuja.
According to the IMF’s latest report, Nigeria’s repayment journey began in earnest in 2023 when the nation’s IMF debt stood at $1.61 billion.
Through disciplined fiscal reforms, the debt steadily declined, reaching $472 million by January 2025, before being fully repaid by May 2025.
This achievement marks a significant milestone in Nigeria’s fiscal journey, with the country now emerging debt-free from its previous obligations.
Analysts say this development signals a turning point in Nigeria’s financial management, strengthening the country’s position on the global economic stage.
The IMF’s “Total IMF Credit Outstanding” document confirms Nigeria’s removal from the list of 91 developing nations with pending credit obligations.
However, Human Rights lawyer Femi Falana has called on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the alleged diversion of the $3.4 billion loan.
He made the call in a statement he signed on behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB) on Sunday.
Falana also urged the IMF board to probe its management’s alleged refusal to ensure the emergency funds were used for their intended purposes.
He further requested that the IMF suspend collecting scheduled charges amounting to SDR 125.99 million (N275.28 billion) pending the conclusion of the investigation
