The International Monetary Fund has removed Nigeria from its list of debtor nations after the country fully repaid its outstanding credit obligations.
This development was revealed in the IMF’s latest report titled “Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025”, published on the Fund’s website on Wednesday.
According to the document, Nigeria is no longer among the 91 developing and least developed countries with outstanding credit obligations to the IMF, which together owed a total of $117.8 billion as of May 6, 2025.
As of May 7, 2025, total outstanding credit from the IMF across all countries amounted to $117.79 billion, covering both unpaid principal and balances from active and expired arrangements.
Nigeria’s repayment record over the past two years shows a consistent decline in its IMF obligations, leading to the full clearance of its debt.
Data from StatiSense, a data intelligence firm, revealed that Nigeria’s debt to the IMF was $1.61 billion as of July 28, 2023.
The amount dropped to $1.37 billion by January 5, 2024, fell further to $933.03 million by July 10, 2024, and declined to $472.06 million by January 8, 2025. By May 2025, Nigeria had fully settled its debt to the Fund.
Reacting to the development, the Senior Special Assistant to the President on Digital Engagement, Strategy, and New Media, O’tega Ogra, described the clearance of Nigeria’s IMF debt as a “strategic reset” in the country’s financial management under President Bola Tinubu.
In a post via his official X (formerly Twitter) handle, Ogra noted that the development reflects the administration’s commitment to fiscal discipline, reform, and long-term sustainability.
“As Nigeria closes the chapter on these legacy debt obligations, we are better placed to strengthen our fiscal credibility and show the world—and ourselves—that Nigeria is serious about managing our economy with responsibility and vision,” he said.
Ogra explained that Nigeria’s exit from the IMF debtor list does not imply a cessation of relations with the IMF or other international financial institutions. Instead, he emphasized that future collaborations will be driven by strategic interests and mutual partnerships rather than borrowing.
“This is definitely not a door slammed shut. Global partnerships, like the IMF, remain valuable allies, especially in a world defined by volatility and uncertainty. The difference now is that any future engagement will be proactive, not reactive, and based on partnership, not dependence,” Ogra added.
He further emphasized President Tinubu’s commitment to long-term structural reforms and responsible financial stewardship, stating, “Nigeria is rising with clarity, capacity, and credibility, and this is why you should take a #BetOnNigeria.”
Analysts describe Nigeria’s clearance of IMF debt as a key milestone in its economic reform agenda.
This achievement not only enhances the country’s fiscal credibility in global markets but also marks a shift in economic policy—from aid dependence to self-reliance.
