By Dansu Peter In a landmark development, Nigeria has fully repaid its $1.61 billion debt to the International Monetary Fund (IMF), effect...
By Dansu Peter
A review of the IMF’s website on May 7, 2025, confirmed that Nigeria is no longer listed among countries indebted to the international financial institution.
According to data from analytics firm StatiSense, Nigeria’s repayment was gradual but steady. The debt, which stood at $1.61 billion as of July 28, 2023, was reduced to $1.37 billion by January 5, 2024. It further dropped to $933.03 million by July 10, 2024, and then to $472.06 million by January 8, 2025. The remaining balance was fully cleared by May 6, 2025.
An official statement from the IMF hailed the repayment as a major milestone, marking the end of a longstanding financial burden that had lingered over successive administrations. These “legacy debts” include arrears to international creditors, bilateral partners, and domestic contractors—liabilities that accumulated over time.
IMF Managing Director Kristalina Georgieva commended Nigeria’s leadership for its “decisive fiscal management and commitment to long-term economic reform,” describing the development as “a critical turning point for Nigeria’s economic trajectory and global credit standing.”
Reacting to the news, O’tega Ogra, Senior Special Assistant to President Bola Ahmed Tinubu on Digital Engagement, Strategy, and New Media, described the debt clearance as a clear signal of discipline, reform, and a strategic financial reset under the Tinubu-Shettima administration.
“With the legacy debt now behind us, Nigeria is better positioned to strengthen its fiscal credibility and show both the world—and ourselves—that we are serious about managing our economy with responsibility and vision,” Ogra wrote in a post on X (formerly Twitter).
He emphasized that this move does not signal an end to Nigeria’s relationship with the IMF. Rather, it reflects a shift in posture—from reliance to strategic partnership.
“Nigeria will continue to work with global institutions like the IMF, especially in a world marked by economic volatility. The key difference is that future engagements will be proactive, not reactive—based on partnership, not dependence,” he added.
This achievement stands as a significant economic milestone for the Tinubu administration and could strengthen Nigeria’s standing in international financial circles going forward.
Global List of IMF Debtors:
Image Credit: IMF
No comments