IMF Refutes Claims, Says Nigeria Still Owes $30 Million After Clearing $3.4 Billion.

IMF Refutes Claims, Says Nigeria Still Owes $30 Million After Clearing $3.4 Billion.

(Nigeria & Politics)

The news as it trends

Nigeria has successfully repaid the $3.4 billion loan it received from the International Monetary Fund (IMF) during the COVID-19 pandemic, officially removing the country from the IMF’s list of debtor nations.

However, Nigeria is still obligated to pay $30 million annually in Special Drawing Rights (SDR) charges for the next four years, a standard fee imposed on loan repayments.

This report comes amid growing discussions in Nigeria’s blogosphere regarding the country’s commitment to fulfilling its financial obligations to the IMF.

In a new publication released on May 8, 2025, Christian Ebeke, the IMF’s representative for Nigeria, refuted the claims, reaffirming that Nigeria has complied with IMF regulations and demonstrated financial discipline.

He also clarified that while Nigeria has cleared the principal loan amount, the country still owes $30 million, which is expected to be gradually repaid over the coming years.