Landmark Economic Reform For Africa's Giant As Nigeria Clears Off N2.59 Trillion IMF Debt in 3 Months
Israel Adeleke
OPEN TELEVISION NAIJA (OTN) News reports that Nigeria, the Africa’s most populous nation under President Bola Tinubu, has fully repaid its $1.61bn (N2.59trn as of May 6, 2025) debt obligation to the International Monetary Fund (IMF).
OTN News further reports that an official IMF statement confirming the development said that the clearance marks the end of a decades-long financial burden that had weighed heavily on Africa’s most populous nation.
A check through the IMF’s website by OTN News correspondent revealed that Nigeria has been removed among list of countries owning the international financial agency.
A data gathered from the popular data company, StatiSense, showed that Nigeria paid off the debt in gradual from $1.61 billion in July 28, 2023 to $1.37 billion in January 5, 2024 to $933.03 million in July 10, 2024 to $472.06 million in January 8, 2025 and settled the remaining debt by May 6, 2025.
OTN News further gathered that the debts refer to obligations accumulated over past administrations, often including arrears owed to international creditors, bilateral partners, and domestic contractors.
Speaking on the development, the senior special assistant to President Bola Tinubu on digital engagement, strategy, and new media, O’tega Ogra, in a post made on X (formerly Twitter), described it as a signal of discipline, reform, and strategic reset by the Tinubu-Shettima administration in restructuring our finances to enable us to be better placed for a prosperous future.
According to him, “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 further noted that this does not mean Nigeria will stop doing business with the IMF, adding that Nigeria still remains a member of the IMF and can approach it at any time if the situation demands.
Ogra explained that Nigeria will continue to do business with international agency, “because, 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 will also be based on partnership, not dependence.”
Giving his remarks, the IMF Managing Director, Kristalina Georgieva, praised the Nigerian government for its “decisive fiscal management and commitment to long-term economic reform.”
She noted that this achievement reflects “a critical turning point for Nigeria’s economic trajectory and global credit standing.”
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