Full repayment of the $3.4 billion loan obtained from the International Monetary Fund (IMF) during the COVID-19 pandemic has been confirmed by the Federal Government.
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This was confirmed by Mohammed Idris, Minister of Information and National Orientation, during his briefing of State House media on Monday following the FEC meeting in Abuja.
According to Furuci novel, the Nigerian government paid off all of its outstanding debts to the International Monetary Fund (IMF) and was formally removed from their debtor list last week.
At the end of a two-year repayment program, Nigeria will no longer be included among the ninety-one developing nations that have outstanding loans to the International Monetary Fund (IMF) in May 2025.
Reportedly, efforts to pay off the debt began in 2023, when the country owed $1.61 billion to the International Monetary Fund.
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The debt was paid off in full by May of the same year, 2025, after a steady drop that reached $472 million by January, thanks to diligent fiscal reforms.
In addition to relieving legacy debt, the final settlement boosts Nigeria’s standing on the international economic arena.
Furthermore, human rights attorney Femi Falana, SAN, has demanded that the ICPC and the Economic and Financial Crimes Commission (EFCC) look into the allegations of criminal diversion of the $3.4 billion loan that Nigeria received from the International Monetary Fund (IMF) to combat the COVID-19 pandemic.
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On Sunday, he sent a statement on behalf of ASCAB, the Alliance on Surviving COVID-19 and Beyond, making the same demand.
Additionally, the senior lawyer demanded an investigation into the alleged willful failure of the IMF’s administration to verify the emergency funds’ “use for their intended purposes” by the board of directors.
A human rights activist went on to ask the IMF to hold off on collecting scheduled costs of SDR 125.99 million (N275.28 billion)—net charges, basic interest, and administrative fees—until the investigation is over.