Nigeria freed from IMF debt as tt is removed from list of indebted countries
After many years of ridden with debt, Nigeria has been finally removed from the list of IMF-indebted countries.
Nigeria, under the stewardship of President Bola Ahmed Tinubu, has recorded a great success following its ability to clear the country off IMF loan.
International Monetary Fund (IMF) has taken Nigeria away from the list of debtors─a development which many Nigerians and lovers of the country celebrate.
In a report, tagged: “Total IMF Credit Outstanding – Movement from 1st May, 2025 to May 06, 2025,” obtained on the multilateral institution’s website yesterday, indicated that Nigeria was not on the list of debtor-countries, comprising 91 developing and least=developed countries yet to repay their loans of $117,797,656,224 as of 6th May, 2025.
Total IMF credit outstanding refers to the total amount of unpaid and outstanding principal due to the Fund from its member countries. This comprises both outstanding loans under present arrangement and those which are in the past.
IMF, when contacted yesterday, one of its top officials in Washington DC, who asked to be afforded anonymity, reported that they had efforts in place to confirm the reports, noting that Nigeria took a series of loans during 2020 COVID-19 outbreak and lockdown.
Howbeit, according to StatiSence, a data company also confirmed the reports on its verifies X handler yesterday, that Nigeria has exited the list of countries owing IMF, and disclosed that as of 28th July, 2023, Nigeria was yet to repay the loan of $1.61 billion, which was reduced to $1.37 billion on January 2024; $933.03 million as of 10th July, 2024; $472.06 million as of 8th January, 2025, before everything was finally repaid off this month (May 2025).
It was reported that the values were converted from Special Drawing Rights (SDR), a foreign reserve asset made by the IMF to supplement the official reserve of its member countries, to US dollars.
As posted on his X (formerly Twitter) verified account, Senior Special Assistant to the President on Digital Engagement, Strategy, and New Media, O’tega Ogra, noted that the development was an indication of discipline, reform and strategic reset by the Tinubu-led administration in restructuring “our finances to enable us to be better placed for a prosperous future.”
He stressed: “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.
“Does this mean no more business with the IMF or other foreign lenders? No! Nigeria still remains a member of the IMF and can approach it at any time if the situation demands. This is definitely not a door slammed shut.
“Why? 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. Debt clearance today, reform momentum tomorrow.
“President Bola Tinubu will continue to prioritise long-term reforms with sound financial management for the benefit of our country and generations yet unborn. Nigeria is rising with clarity, capacity, and credibility and this is why you should take a #BetOnNigeria.”
The International Monetary Fund has recently praised Nigeria for its ongoing economic reforms, describing them as right and courageous measures which has helped stabilise the economy of the country and paved the path for future growth.
The IMF in its recent 2025 Article IV Consultation Mission to Nigeria, in April, by a group led by Axel Schimmelpfennig, said: “The Nigerian authorities have taken important steps to stabilise the economy, enhance resilience, and support growth. These reforms have put Nigeria in a better position to navigate the external environment.
“The macroeconomic outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.
“Macroeconomic policies need to further strengthen buffers and resilience, reduce inflation, and support private sector-led growth.”
Schimmelpfennig, in his statement also stated that the occasion of deficit financing by the Central Bank of Nigeria (CBN), the removal of debt-imposing and costly fuel subsidies, and improvement in the foreign exchange market were factors put in place which brought about policy shifts that occasioned a commitment to reform.
He stated: “The Nigerian authorities have taken important steps to stabilise the economy, enhance resilience, and support growth.
“The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies were removed, and the functioning of the foreign exchange market has improved.”
Now, Nigeria can start to count own gains as it is freed from IMF debts. The current administration is trying all within its power and strength to restore Nigeria’s status among the top-notch economy countries of the world.
Although, Tinubu-led government has faced a lot of criticisms from a fronts in last two years since coming to power, but IMF-loan settlement could spark a new belief and trust in the people of Nigeria that they have the right man in place to move the country forward.
2027 is around the corner, every political party, in Nigeria, is gearing and preparing to field a capable and well-known candidates to politically wrestle power from the ruling party (APC)─a move which has seen the major opposition party (PDP) looking to form a coalition party with Social Democratic Party (SDP), among others.
Tinubu can now see something tangible which could be used to convince the electorates prior to 2027 Presidential Election.
Nigeria Freed From IMF Debt
