NIGERIA CLEARS IMF DEBT, EXITING CREDITOR LIST IN SIGNAL OF ECONOMIC RESET
In a major economic milestone, Nigeria has cleared its debt to the International Monetary Fund (IMF), officially exiting the Fund’s list of debtor countries. According to IMF’s latest report titled “Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025,” Nigeria no longer appears among the 91 countries with outstanding credit obligations totaling over $117 billion.
This development follows a gradual repayment process that began after Nigeria received a Rapid Financing Instrument (RFI) loan during the COVID-19 pandemic. According to data analytics firm StatiSense, Nigeria’s debt to the IMF reduced from $1.61 billion in mid-2023 to zero by early May 2025.
Commenting on the news, presidential aide O’tega Ogra said the repayment signals a strategic shift under the Tinubu administration towards responsible financial stewardship. He noted that while Nigeria remains a member of the IMF and may seek future support, the focus now is on proactive engagement, not dependency.
The IMF itself recently lauded Nigeria’s economic reforms, including the end of deficit financing by the Central Bank, removal of fuel subsidies, and improvements in the foreign exchange system. Though challenges remain, the IMF acknowledged that these reforms have improved Nigeria’s fiscal discipline and resilience.
The debt clearance, seen as both symbolic and practical, is being hailed as a reset moment for Nigeria’s economy, potentially strengthening investor confidence and bolstering reform momentum in the months ahead.
