The International Monetary Fund (IMF) announced that Nigeria has completely settled the $3.4 billion in COVID-19 financial assistance received through the Rapid Financing Instrument (RFI).
However, the government still owes approximately $30 million to the multilateral organisation for Special Drawing Rights (SDR) charges.
This $30 million, equivalent to ₦48.2 billion, will be paid annually over four years as fees associated with the loan, totalling over ₦190 billion. 
we work towards reducing the totality of our debt exposure especially external debt because from all indications, external debts are much more difficult to manage and service than domestic debts.”
According to him, the focus must be on doubling down on both domestic and external debt.
“So the payment of these components of debt is a welcome development, it will in some sense reduce the burden of outstanding debts and we need to do a lot more of that and going forward, as much as possible, we should reduce our exposures, especially to foreign debts,” Yusuf stressed.
“And utilisation of debts is also essential, debts must be committed to projects that would enhance the productivity in the economy and that should be our priority, and that is speaking largely to our infrastructure stock.
“We should prioritise infrastructure investment in our debt exposure, which is extremely important. I am also hoping that our fiscal consolidation objectives will be improved and better achieved with the current tax reform.
“We expect that the revenue administration would be much more efficient without necessarily putting additional burden on the citizens or businesses. If we are able to do that, then the pressure to incur more debt would reduce. We need to ensure that the cost of domestic debts is as low as it can be as well,” he concluded.
