Nigeria is no longer listed among the countries owing the International Monetary Fund (IMF), according to the latest report titled “Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025.” This marks a significant milestone as 91 developing and least developed countries remain indebted to the IMF, with a total of $117.8 billion in outstanding loans. Nigeria had borrowed $1.61 billion from the IMF during the pandemic, but this debt has now been fully settled, with the balance reducing steadily over time.
The debt reduction process saw Nigeria’s debt decrease from $1.61 billion in 2023 to $1.37 billion by January 2024, and further to $472.06 million in January 2025. The debt was converted from Special Drawing Rights (SDR) into US dollars, and Nigeria successfully cleared it by May 2025.
In a statement shared via social media, O’tega Ogra, Senior Special Assistant to President Bola Tinubu, praised the debt clearance as a sign of discipline, reform, and strategic reset under the current administration. He emphasized that Nigeria’s exit from IMF debt obligations would strengthen its fiscal credibility, and future engagements with the IMF would be proactive and based on partnerships rather than dependence.
This achievement aligns with Nigeria’s broader economic reform efforts. The IMF recently commended Nigeria’s reforms, highlighting steps like ending deficit financing by the Central Bank of Nigeria (CBN), removing costly fuel subsidies, and improving the foreign exchange market. These measures are intended to enhance economic resilience, reduce inflation, and foster private sector growth.
As Nigeria continues on this reform path, it remains an IMF member and retains the option to engage with the fund if future needs arise.
Source: Swifteradio.com
