Nigeria has fully fully repaid the financial support of about US$3.4 billion it requested and received in April 2020 from the International Monetary Fund (IMF), the global monetary organization said in a statement on Thursday.
The loan was granted under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
IMF, which currently include 183 countries of the world, was established together with the World Bank in 1945 as part of the Bretton Woods conference convened in the aftermath of World War II.
A statement by Christian Ebeke, IMF Resident Representative for Nigeria reads: “As of April 30, 2025, Nigeria has fully repaid the financial support of about US$3.4 billion it requested and received in April 2020 from the International Monetary Fund (IMF) under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
“Nigeria is expected to honor some additional payments in the form of Special Drawing Rights charges of about US$30 million annually.
“In line with the IMF’s Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion).
“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount.”
