Nigeria has cleared all the money it owes the International Monetary Fund (IMF) and is no longer on the list of countries that owe money to the organisation. This was confirmed in a new report titled “Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025.”
The IMF is a global group that helps countries manage their money, especially during hard times. If a country is in financial trouble, it can borrow money from the IMF to fix its economy.
But as of May 6, 2025, Nigeria was no longer listed among 91 countries that still owe the IMF. These countries together owe over $117 billion. That means Nigeria has paid back all the money it borrowed and is now debt-free when it comes to the IMF.
What Did Nigeria Owe?
According to StatiSense, a data company, Nigeria owed:
- $1.61 billion in July 2023
- $1.37 billion in January 2024
- $933 million in July 2024
- $472 million in January 2025
And now, in May 2025, that amount is $0. The money was originally borrowed as a rapid finance loan to help Nigeria during the COVID-19 pandemic.
What Does This Mean?
O’tega Ogra, who works for President Bola Tinubu, said this shows that Nigeria is being more careful and smart about how it spends money. He said this is a sign of “discipline, reform, and a fresh start” by the Tinubu-Shettima government.
Ogra also explained that this doesn’t mean Nigeria won’t work with the IMF in the future. Nigeria is still a member and can ask for help again if needed, but any future help would be based on smart planning, not desperation.
He said, “Nigeria is rising with clarity, capacity, and credibility,” and urged Nigerians to “#BetOnNigeria.”
What Did the IMF Say?
The IMF itself recently praised Nigeria. A team led by Axel Schimmelpfennig said Nigeria had taken big steps to improve its economy. These included:
- Stopping the Central Bank from giving too many loans to the government
- Removing expensive fuel subsidies
- Improving how foreign money (like dollars) is exchanged in Nigeria
These changes are helping Nigeria become stronger, reduce inflation (the rise in prices), and grow its economy in the right direction.
