By Francesca Hangeior
Nigeria has officially cleared its debt to the International Monetary Fund (IMF) and is no longer listed among countries with outstanding obligations to the global financial institution.
According to the IMF’s latest report, Total IMF Credit Outstanding – Movement from May 1 to May 6, 2025, Nigeria was excluded from the 91 countries owing over $117 billion in total. This marks a significant financial milestone for the country. 
Nigeria initially received a $3.32 billion loan through the IMF’s Rapid Financing Instrument in April 2020 to cushion the economic impact of the COVID-19 pandemic. Since then, the country has made steady repayments:
July 2023: $1.61 billion
January 2024: $1.37 billion
July 2024: $933.03 million
January 2025: $472.06 million
May 2025: Final repayment completed
Reacting to the development, O’tega Ogra, Senior Special Assistant to President Bola Tinubu on Digital Engagement, Strategy, and New Media, described it as proof of the administration’s commitment to fiscal responsibility and strategic financial management.
While the repayment to the IMF is a positive step, Nigeria’s overall debt burden remains high. The country’s total public debt stood at N142.3 trillion as of September 2024 and is projected to hit N187.79 trillion by the end of 2025. Economists stress the need for ongoing reforms and diversification to ensure long-term economic sustainability.
