IMF Confirms Nigeria’s Repayment Of $3.4bn Pandemic Loan

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• Says Country owes about $30m Annually in Charges

The International Monetary Fund (IMF) has confirmed that Nigeria has fully repaid the US$3.4 billion loan it received under the Rapid Financing Instrument, which was designed to mitigate the economic impact of the COVID-19 pandemic.

It was gathered that in an email sent Sahara Reporters exclusively to on behalf of Mr. Christian Ebeke, the IMF Resident Representative for Nigeria, the Fund stated that although the principal loan has been fully repaid, Nigeria is still required to pay approximately US$30 million annually in associated charges, Travel guides

“As of April 30, 2025, Nigeria has fully repaid the financial support of about US$3.4 billion it requested and received in April 2020 from the International Monetary Fund (IMF) under the Rapid Financing Instrument to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices,” the IMF said in its response to enquiries made by Sahara Reporters.

“Nigeria is expected to honour some additional payments in the form of Special Drawing Rights charges of about US$30 million annually.

“In line with the IMF’s Articles of Agreement, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion).”

“The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative al- location amount,” the IMF added.

In an earlier report, it was highlighted that Nigeria remains liable for annual charges to the International Monetary Fund (IMF), despite having fully repaid the principal sum of the US$3.4 billion loan obtained in April 2020.

According to Nigeria’s most recent data update published by the IMF on April 30, 2025, the country is expected to pay Special Drawing Rights (SDR) 22.35 million in interest and charges for 2025. For 2026 and 2027, the projected payments are SDR 25.91 million each year; SDR 25.92 million is expected in 2028, while SDR 25.90 million is projected for 2029.