The Federal Government has officially announced that it has fully repaid the $3.4 billion emergency loan obtained from the International Monetary Fund (IMF) during the COVID‑19 crisis.
Speaking to reporters after the 27th Federal Executive Council (FEC) meeting at Aso Rock Villa in Abuja, Information Minister Mohammed Idris explained that President Bola Tinubu authorised the repayment as part of his view that “government is a continuum.” He stressed that settling the debt restores Nigeria’s fiscal reputation.
“President Tinubu instructed that we must exit this IMF facility,” Idris said. “I’m proud to confirm that the entire $3.4 billion has now been paid off.”
Idris highlighted the repayment’s immediate benefits on the world stage, noting it signals to international investors that Nigeria honours its obligations and bolsters the country’s standing in global financial markets. He also addressed sceptics directly:
“There’s been some doubt, but I can assure Nigerians the IMF loan has been settled in full.”
Originally drawn under the IMF’s Rapid Financing Instrument in April 2020 to shore up foreign‑exchange reserves and soften the blow of plunging oil prices, the facility carried a nine‑month grace period and eight equal quarterly instalments due by mid‑2025.
Nigeria adhered to that schedule, repaying $1.22 billion between January and September 2023—reducing the balance from $3.26 billion in June 2023 to $1.16 billion by March 2024—and cutting it further to $472 million by January 2025 through accelerated payments fueled by stronger oil revenues and tighter budget discipline.
On April 30, 2025, the IMF officially confirmed that Nigeria had cleared the loan one quarter ahead of schedule—a first for a multilateral emergency facility.
Although the principal is now fully repaid, Abuja will continue to pay about $30 million annually in Special Drawing Rights charges until 2029.
In 2024, the IMF still accounted for roughly 35 percent of Nigeria’s $4.66 billion foreign‑debt servicing costs.
During his briefing, Minister Idris also announced that the Tinubu administration is actively courting private‑sector investment in road building and other infrastructure projects, issuing directives to all relevant agencies to facilitate such participation.
“There’s growing interest from private players in infrastructure delivery, especially roads. We’re opening the door for them to help fund and build these projects.”
However, the Council expressed concern over a recent surge in theft of metal components—such as bridge fittings and manhole covers—for recycling. President Tinubu has asked the Attorney‑General to review existing laws and propose harsher penalties to deter these crimes.
“Criminals are stripping vital infrastructure under cover of night,” Idris warned. “The President wants the legal framework strengthened to stop this trend.”
Finally, Idris revealed that FEC meetings will now be held more frequently—every two days—to expedite pending decisions and improve government responsiveness.
“This is part of the President’s drive to tackle backlog issues swiftly and ensure a more agile administration.”
