The International Monetary Fund (IMF) has removed Nigeria from its list of debtor countries. According to its latest report titled “Total IMF Credit Outstanding – Movement from May 01, 2025, to May 06, 2025,”
Nigeria no longer appears among the 91 developing and least-developed nations currently owing the Fund. These countries collectively owe the IMF a total of $117.8 billion as of May 6, 2025. Total IMF credit outstanding refers to the total amount of unpaid and outstanding principal due to the fund from its member countries. This includes both outstanding loans under current arrangements and those that have expired.
When contacted on the development on Wednesday, a top IMF official in Washington, DC, who pleaded to remain anonymous, told THISDAY, “We are trying to confirm the reports. Nigeria borrowed during the pandemic. It was a rapid finance loan, and we are trying to confirm whether it has now been fully repaid
In response to inquiries on the matter, a senior IMF official based in Washington, D.C., who requested anonymity, stated, “We are trying to confirm the reports. Nigeria borrowed during the pandemic. It was a rapid finance loan, and we are trying to confirm whether it has now been fully repaid”.
Data firm StatiSense also confirmed via its X handle that Nigeria is no longer listed among countries indebted to the IMF. The company tracked the repayment progression, revealing that Nigeria’s debt stood at $1.61 billion as of July 28, 2023. This figure dropped to $1.37 billion by January 5, 2024, $933.03 million by July 10, 2024, and further to $472.06 million by January 8, 2025, before being fully cleared in May 2025.
The values were converted from Special Drawing Rights (SDRs), an international reserve asset created by the IMF to supplement the official reserves of its member countries, to US dollars.
Reacting to the development, the Senior Special Assistant to the President on Digital Engagement, Strategy, and New Media, O’tega Ogra, described Nigeria’s exit from the IMF debtor list as a testament to the Tinubu administration’s fiscal discipline and reform-driven governance. He noted that the repayment marks a turning point in Nigeria’s economic management strategy.
According to Ogra, “Does this mean no more business with the IMF or other foreign lenders? No! Nigeria remains a member of the IMF and can approach it anytime if the situation demands. This is 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, based on partnership, not dependence. Debt clearance today, reform momentum tomorrow.
President Bola Tinubu will continue to prioritize 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 IMF recently commended Nigeria’s ongoing economic reforms, describing them as bold and strategic steps that had helped stabilize the economy and lay a foundation for future growth.
In its recent 2025 Article IV Consultation Mission to Nigeria last month by a team led by Axel Schimmelpfennig, the IMF had stated, “The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth. These reforms have put Nigeria in a better position to navigate the external environment.
Schimmelpfennig highlighted key policy reforms by the Nigerian government, including ending central bank deficit financing, removing fuel subsidies, and improving the foreign exchange market, as strong signals of a commitment to economic stability and growth.
