Nigeria Completes $3.4 Billion IMF Repayment: A Landmark Achievement Amid Economic Strain

Nigeria has achieved a significant milestone by fully repaying $3.4 billion it borrowed from the International Monetary Fund (IMF) during the height of the coronavirus pandemic. The repayment signifies closure of a financial chapter that started in April 2020, when plummeting crude oil prices gravely impacted Nigeria's economy.

The IMF resident representative to Nigeria, Christian Ebeke, confirmed on Thursday that as of April 30, the nation had repaid the financial aid received under the Rapid Financing Instrument. The facility was crucial in providing emergency support to bolster Nigeria's balance of payments amidst an economic recession.

Despite this substantial repayment, Nigeria's financial obligations to international creditors continue. The country's Debt Management Office revealed that additional annual payments, amounting to roughly $30 million in Special Drawing Rights charges, are expected. Last year, Nigeria allocated $4.66 billion toward servicing its foreign debt, including a $1.63 billion payment to the IMF.

(With inputs from agencies.)