Nigeria Clears $1.61 Billion IMF Debt, Removed from List of Debtors

Nigeria has fully repaid its $1.61 billion debt obligation to the International Monetary Fund (IMF).

According to the IMF’s website, Nigeria has been removed from the list of countries owing the international financial agency.

Data from StatiSense, a popular data company, reveals that Nigeria paid off the debt in gradual installments, from $1.61 billion in July 2023 to $1.37 billion in January 2024, $933.03 million in July 2024, and $472.06 million in January 2025, before settling the remaining debt by May 6, 2025.

The clearance of this debt marks the end of a decades-long financial burden that had weighed heavily on Africa’s most populous nation. IMF Managing Director Kristalina Georgieva praised the Nigerian government for its “decisive fiscal management and commitment to long-term economic reform.”

O’tega Ogra, Senior Special Assistant to President Bola Ahmed Tinubu, described the development as a signal of discipline, reform, and strategic reset by the Tinubu-Shettima administration in restructuring the country’s finances. He noted that this achievement reflects a critical turning point for Nigeria’s economic trajectory and global credit standing.

While Nigeria has cleared its debt, it will continue to do business with the IMF as a member of the organization.

However, any future engagement will be proactive, not reactive, and based on partnership, not dependence.

This significant achievement is a testament to Nigeria’s commitment to managing its economy with responsibility and vision.

The country’s fiscal credibility is expected to strengthen, and its global credit standing is likely to improve as a result of this development.