It’s Official: Presidency Reacts As Nigeria Successfully Repays All Debts To IMF – DETAILS

Nigeria has officially removed itself from the International Monetary Fund’s (IMF) debtor list, following the full settlement of its outstanding credit obligations. According to Channels TV, Nigeria’s debt to the IMF was $1.61 billion in 2023. However, through a repayment plan initiated by President Bola Tinubu’s administration, the debt gradually decreased, reaching $472 million by January 2025, and has now been fully paid off as of May 2025.

 

It's Official: Presidency Reacts As Nigeria Successfully Repays All Debts To IMF - DETAILS

 

This development was confirmed in the latest report from the IMF website, which shows Nigeria is no longer included on the list of nations indebted to the IMF. The debt-free status of Nigeria was also confirmed by the Senior Special Assistant to President Tinubu on Digital Engagement and Strategy, O’tega Ogra, via a statement released on his 𝕏 account.

In the statement, Ogra confirmed that Nigeria has officially cleared all its legacy debt with the IMF and stated that this signifies a strategic reset for the nation’s financial policy.

According to Ogra, the achievement reflects the administration’s focus on fiscal discipline, long-term sustainability, and economic resilience.

“This milestone signals a new chapter for Nigeria, one marked by clarity, capacity, and fiscal responsibility,” Ogra said.

“We are no longer defined by aid dependence but by our capacity to stand tall and manage our financial future on our terms.”

The Presidential aide cited IMF’s latest report which he said marks a turning-point in the country’s fiscal journey, reflecting the success of Nigeria’s debt reduction plan under President Bola Tinubu. Ogra also hinted that Nigeria would continue to engage with the IMF and other international partners strategically. Meanwhile, analysts suggest that this major development, confirmed by the IMF’s latest report, represents a pivotal moment in Nigeria’s fiscal journey, highlighting the success of a strategic debt reduction plan implemented by President Bola Tinubu’s administration.

As of May 2025, Nigeria is no longer listed among the 91 developing nations with outstanding credit to the IMF, marking the conclusion of a two-year repayment effort. This milestone, detailed in the IMF’s “Total IMF Credit Outstanding” report, is being celebrated as a key moment in Nigeria’s financial management, with the country now fully free from its previous debt obligations. The completion of this repayment not only alleviates the burden of legacy debt but also enhances Nigeria’s standing in the global economy. Analysts also point out that Nigeria’s achievement in clearing its debt could have significant long-term effects, such as an improved credit rating, lower borrowing costs, and increased investor confidence.