The International Monetary Fund (IMF) has confirmed that Nigeria has fully repaid the 3.4 billion dollars financial support it received under the Rapid Financing Instrument to cushion the economic impacts of the COVID-19 pandemic.
In a statement sent to journalists on behalf of Christian Ebeke, the IMF Resident Representative for Nigeria, the Fund said the repayment was completed on 30 April 2025. The loan, disbursed in April 2020, was aimed at helping Nigeria address a sharp fall in oil prices, economic contraction, and fiscal pressures caused by the pandemic.
According to the IMF, the charges are tied to the difference between Nigeria’s SDR holdings, which currently stand at SDR 3,164 million dollars, and its cumulative SDR allocation of SDR 4,027 million dollars.
The statement noted that Nigeria is expected to honour some additional payments in the form of Special Drawing Rights charges of about 30 million dollars annually.