The International Monetary Fund (IMF) has removed Nigeria
from its credit outstanding list for the period covering May 1 to May 6, 2025.
In the list, published on Tuesday, more than 90 countries
owe a combined $117.79 billion, and Nigeria is not among them.
Data from the IMF shows the Bretton Woods institution
disbursed SDR 2.45 billion to Nigeria in 2020.
Special drawing right (SDR) is a type of currency reserve used by the IMF.
The repayments, according to the IMF, were made as follows:
SDR613.62 million in 2023, SDR1.22 billion in 2024, and SDR613.62 million in
2025.
IMF did not respond to TheCable’s enquiry regarding the
debtor list.
‘NIGERIA’S REPAYMENT PERIOD WAS FIVE YEARS’
Commenting on the development on Thursday via Twitter, Tolu
Ogunlesi, former special assistant on digital and new media to former President
Muhammadu Buhari, who was serving his second term when the loan was obtained,
confirmed that Nigeria’s payment of SDR2.45 billion fully repays the $3.4
billion Covid-19 loan from the IMF under the rapid financing instrument (RFI).
Ogunlesi said the five-year repayment period had been
completed under the current administration, in line with the agreed terms.
“This US$3.4 billion (equivalent to 2.454.5 billion SDR;
amounting to 100% of our SDR quota) Covid-19 assistance from the IMF to
@NigeriaGov, under the IMF’s Rapid Financing Instrument (RFI), has now been
fully repaid, in line with the terms of the agreement,” he explained.
“A repayment period of 5 years, meaning 2020 to 2025, and a
moratorium of 3.25 years, meaning that we had a grace period until Q3 2023
before we had to start repaying.
“PBAT has kept to the terms, and as of May 2025, the loan
has been fully repaid. Naija no dey carry last, and we no dey default.
“This is what the repayment schedule looks like, from the
@IMFNews website: Outstanding as at June 30, 2023: 2,454,500,000.
“Dec 31, 2023: 1,840,875,000; June 30, 2024: 1,227,250,000;
March 31, 2025: 306,810,000; May 07, 2025: 0.”
Also, O’tega Ogra, senior special assistant on digital and
new media to President Bola Tinubu, said, with the repayment, Nigeria is now
better placed to strengthen our fiscal credibility and show the world, and
Nigerians, that Nigeria is serious about managing our economy with
responsibility and vision.
Ogra added that, henceforth, any future engagement will be
proactive, not reactive and will also be based on partnership, not dependence.
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