Nigeria reportedly Still Owes N190 Billion in Charges After Clearing $3.4bn IMF COVID-19 Loan

The International Monetary Fund (IMF) has confirmed that Nigeria has fully repaid the $3.4 billion it received under the Rapid Financing Instrument (RFI) during the COVID-19 pandemic.

However, the country still owes about $30 million to the IMF in Special Drawing Rights (SDR) charges, Daily Trust reports.

These charges—amounting to approximately N48.2 billion annually—will be paid over the next four years, totaling over N190 billion. SDRs are reserve assets defined by the IMF and represent claims on the currencies of IMF member countries.

The repayment news was shared by the Senior Special Assistant to the President, Otega Ogra, who took to X (formerly Twitter) to celebrate Nigeria’s removal from the IMF debtors’ list. He described it as proof of “discipline, reform and strategic reset” by the Tinubu-Shettima administration, aimed at putting the country on a path to financial stability.

However, the announcement has sparked mixed reactions. While some see it as a positive step, critics point to the broader debt crisis facing the country. As of December 2024, Nigeria’s total domestic and external debt stands at over N144.67 trillion, according to the Debt Management Office (DMO).

The repayment may be symbolic of progress, but for many Nigerians, the larger concern remains the nation’s overall debt burden and its impact on the economy. [CONTINUE READING HERE]>>>>