Nigeria Removed from IMF Debtors List After Repaying $1.6 Billion Loan

TEMPO.CO, Jakarta - The International Monetary Fund (IMF) has officially removed Nigeria from its list of debtor countries. The West African nation now joins Switzerland, Singapore, China, and New Zealand as countries no longer in debt to the global financial institution.

This development marks Nigeria's successful repayment of its US$1.6 billion debt to the IMF.

According to the report titled Total IMF Credit Outstanding - Movement from May 01, 2025 to May 06, 2025, which was published on the IMF's official website, Nigeria is no longer included among the 91 developing and low-income countries still with financial obligations to the IMF. The global debt of these countries totals over US$117 billion.

Nigeria's achievement is seen as a significant step in fiscal management and a commitment to economic independence despite global challenges. The IMF's report specifies that the outstanding credit includes both principal amounts of loans that have not been paid by member countries, whether active or overdue.

In 2020, Nigeria received emergency financial aid from the IMF amounting to US$3.4 billion under the Rapid Financing Instrument (RFI) scheme, designed to mitigate the economic effects of the Covid-19 pandemic.

The loan carried a low interest rate of 1 percent, a grace period of 3.25 years, and a repayment period of 5 years.

Tolu Ogunlesi, a former media aide to President Muhammadu Buhari, praised this repayment as a clear indication of the Nigerian government's dedication to maintaining its global financial standing. "Naija no dey carry last," he stated on the X platform, meaning "Nigeria never comes last.

With this repayment, Nigeria has become one of the few countries without debt to the IMF.

Meanwhile, countries with the highest debts to the IMF currently include:

• Argentina
• Egypt
• Ukraine
• Pakistan
• Ecuador
• Colombia
• Angola
• Kenya
• Ghana
• Ivory Coast.

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