The Federal Government of Nigeria has officially completed the repayment of the $3.4 billion loan secured from the International Monetary Fund (IMF) during the COVID-19 pandemic.
The Minister of Information and National Orientation, Mohammed Idris, confirmed the development on Monday while briefing State House correspondents after the Federal Executive Council (FEC) meeting in Abuja.
This milestone comes after the IMF recently delisted Nigeria from its roster of debtor nations, which previously included 91 developing countries with outstanding credit obligations.
According to reports, Nigeria’s journey toward clearing the debt began in 2023, when the balance stood at $1.61 billion. Through a sustained fiscal reform initiative, the debt was reduced to $472 million by January 2025 and fully cleared by May.
Officials say the repayment not only lifts a heavy financial burden but also enhances Nigeria’s economic reputation on the global stage.
Meanwhile, prominent human rights lawyer, Femi Falana, SAN, has urged anti-corruption agencies to investigate the alleged diversion of the IMF loan. In a statement released on behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB), Falana called on the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to probe how the loan was utilized.
He also appealed to the IMF Board to investigate what he described as the “deliberate failure” of its management to ensure the emergency funds were used appropriately. Furthermore, Falana demanded the suspension of all associated charges — including net charges, basic interest, and administrative fees — amounting to SDR 125.99 million (about ₦275.28 billion), pending the conclusion of an independent investigation.
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