The Nigerian government has completed the repayment of the $3.4 billion emergency funding it received from the International Monetary Fund (IMF) in April 2020 to cushion the economic impact of the COVID-19 pandemic.
The loan, granted under the IMF’s Rapid Financing Instrument, was intended to help the country, Africa’s largest oil exporter, cope with a sharp drop in crude oil prices that triggered a recession.
According to the IMF, Nigeria had fully repaid the facility as of April 30, 2025.
While the main loan has been settled, Nigeria is still expected to make additional annual payments of approximately $30 million in Special Drawing Rights charges.
Data from Nigeria’s Debt Management Office indicates that the country spent $4.66 billion servicing its external debt in the previous year, with $1.63 billion of that amount paid to the IMF.
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