The federal government of Nigeria has confirmed that it has fully settled the $3.4 billion COVID-19 loan obtained from the International Monetary Fund (IMF).
The Minister of Information and National Orientation, Mohammed Idris, confirmed this while briefing State House correspondents after the Federal Executive Council meeting at the State House, Abuja, on Monday.
The confirmation comes days after Naija News had earlier reported that Nigeria is no longer on the list of indebted countries to IMF following the full settlement of its outstanding credit obligations.
As of 2023, Nigeria’s IMF debt stood at $1.61 billion. However, through a repayment plan initiated by the administration of President Bola Tinubu, the debt steadily declined, reaching $472 million by January 2025, and has now been fully paid off as of May 2025.
Meanwhile, the Chairman of the Alliance on Surviving COVID-19 and Beyond, Femi Falana, has alleged that the emergency loan Nigeria received from the International Monetary Fund (IMF) during the COVID-19 pandemic was diverted.
Speaking via a statement issued on Sunday, Falana called for an immediate investigation into what it described as the “criminal diversion” of the $3.4bn fund.
He accused the government of mismanaging the funds meant to cushion the pandemic’s impact.
He also faulted the IMF for failing to enforce safeguards that would have ensured the funds were properly used.
He said, “The emergency funds were meant to provide critical support to Nigeria’s healthcare system, protect jobs, and stabilise the economy. Instead, they were diverted, reclassified, and in large part remain unaccounted for.”
