Nigeria clears up its $1.61 billion debt owed to the International Monetary Fund in two years.
The International Monetary Fund announced on its website that Nigeria had cleared up its $1.61 billion (N2.59 trillion) as of May 7, 2025.
According to Statisense, Nigeria started its repayments gradually from $1.61 billion on July 28, 2023, to $1.37 billion on January 5, 2024, to $933.03 million on July 10, 2024, to $472.06 million on January 8, 2025, and cleared up the debt balance remaining by May 6, 2025.
Kristalina Georgieva, IMF’s Managing Director, heaped praises on the Federal Government for its “decisive fiscal management and commitment to long-term economic reform.”
She even stated the debt cleared up by the FG is an achievement that reflects “a critical turning point for Nigeria’s economic trajectory and global credit standing.”
O’tega Ogra, President Tinubu’s Senior Special Assistant on Digital Engagement, Strategy, and New Media, stated on his X (formerly Twitter) page that the debt cleared up shows a strong commitment, discipline, and strategic reform set by the current administration in structuring the country’s finances for the betterment of the people.
Ogra said, “As Nigeria closes the chapter on these legacy debt obligations, we are better placed to strengthen our fiscal credibility and show the world, and ourselves, that Nigeria is serious about managing our economy with responsibility and vision.”
He also stated that Nigeria continues to remain a member of the international financial agency and would seek out global partnerships in the future.
The caption continued, “Because global partnerships like the IMF remain valuable allies, especially in a world defined by volatility and uncertainty. The difference now is that any future engagement will be proactive, not reactive, and will also be based on partnership, not dependence.”
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