Nigeria has paid the principal sum of $3.4 billion it got in April 2020 “under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices,” the International Monetary Fund (IMF) has disclosed.
The IMF stated this in a media statement it sent to The Dream Daily Newspaper from the Fund’s Country Office in Abuja.
However, contrary to the spin some government functionaries have attempted to put on the development to make it seem as if the country no longer have any debts with the Fund, Nigeria still has some long-term financial obligations to settle with the IMF.
The IMF statement reads in full: “As of April 30, 2025, Nigeria has fully repaid the financial support of about US$3.4 billion it requested and received in April 2020 from the International Monetary Fund (IMF) under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
“Nigeria is expected to honor some additional payments in the form of Special Drawing Rights charges of about US$30 million annually. In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion) The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount.”
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