The International Monetary Fund (IMF) has officially removed Nigeria from its list of debtor countries, marking a significant milestone in the nation’s financial history. This was confirmed in a report titled “Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025,” published on the IMF’s website on Wednesday.
As of May 6, Nigeria’s name was no longer on the list, which now features 91 developing and least-developed countries owing a combined $117.8 billion. “Total IMF credit outstanding” refers to the amount of unpaid loans and principal balances owed by member countries under various loan arrangements.
A senior IMF official in Washington, D.C., who requested anonymity, confirmed that the Fund was working to verify the full clearance of Nigeria’s debt. The country had previously accessed a rapid financing loan from the IMF during the COVID-19 pandemic.
Independent verification came from StatiSense, a data analytics firm, which tracked the gradual reduction in Nigeria’s IMF debt over the past two years. According to their data, Nigeria’s debt stood at $1.61 billion in July 2023, reduced to $1.37 billion by January 2024, $933 million by July 2024, and $472 million by January 2025—before being fully cleared in May.
The repayments were calculated in Special Drawing Rights (SDRs), the IMF’s reserve asset used to supplement member countries’ official reserves.
Reacting to the development, O’tega Ogra, Senior Special Assistant to President Bola Tinubu on Digital Engagement and Strategy, praised the administration’s reforms. He described the repayment as the result of fiscal discipline and a broader economic reset initiated by the Tinubu government.
“As Nigeria closes the chapter on these legacy debt obligations, we are better placed to strengthen our fiscal credibility and show the world that we are serious about managing our economy with responsibility and vision,” Ogra said.
He emphasized that while Nigeria remains a member of the IMF and can engage with the institution when needed, future engagements would be proactive, not reactive, and based on equal terms.
The IMF, following its 2025 Article IV Consultation Mission to Nigeria, also commended the government’s reforms. Led by Axel Schimmelpfennig, the IMF noted that Nigeria had implemented bold and timely reforms, including ending fuel subsidies, halting deficit financing by the Central Bank, and improving the foreign exchange market.
Despite acknowledging lingering uncertainties—such as global market volatility and fluctuating oil prices—the Fund urged Nigeria to continue reducing inflation, strengthening economic buffers, and encouraging private-sector-led growth.
This development is seen as a major boost to Nigeria’s global financial reputation and a foundation for more sustainable economic policies going forward.
