The Federal Government has confirmed the full repayment of the $3.4 billion loan it secured from the International Monetary Fund (IMF) during the COVID-19 pandemic.
Minister of Information and National Orientation, Mohammed Idris, announced the development on Monday while briefing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja.
This comes days after reports revealed that Nigeria had officially cleared its outstanding obligations to the IMF, removing the country from the Fund’s list of debtor nations. According to the IMF’s latest Total Credit Outstanding report, Nigeria is no longer among the 91 developing nations with pending debts—marking the successful conclusion of a two-year repayment plan.
Analysts have described the repayment as a significant milestone in Nigeria’s fiscal reset, enhancing the country’s economic credibility on the global stage.
The repayment journey began in 2023, when the debt stood at $1.61 billion. Through gradual fiscal reforms, it fell to $472 million by January 2025 and was completely cleared by May.
However, controversy continues to trail the loan’s original disbursement and use.
Human rights lawyer Femi Falana, SAN, on Sunday 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 IMF funds.
In a statement issued on behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB), Falana also urged the IMF Board to probe what he described as a “deliberate failure” to ensure the funds were used for their intended purpose.
He further called on the IMF to suspend the collection of associated charges—totaling SDR 125.99 million (about ₦275.28 billion)—pending the outcome of an investigation.
