Nigeria has fully repaid the $3.4 billion emergency loan it received from the International Monetary Fund (IMF) during the height of the COVID-19 pandemic, the global lender said Thursday.
The funding, disbursed in April 2020 under the IMF’s Rapid Financing Instrument, was aimed at helping Africa’s largest oil exporter manage the economic fallout from collapsing crude prices and a subsequent recession. At the time, Nigeria’s fiscal position was severely weakened by the global demand shock and oil market volatility.
IMF resident representative to Nigeria Christian Ebeke confirmed in a statement that, as of April 30, the country had “fully repaid the financial support” received from the Fund.
“Nigeria is expected to honour some additional payments in the form of Special Drawing Rights charges of about US$30 million annually,” Ebeke added.
Nigeria’s Debt Management Office reported that the country spent $4.66 billion servicing its external debt in 2023, with $1.63 billion paid to the IMF.
