Nigeria has completed the repayment of the principal amount of its $3.4 billion loan from the International Monetary Fund, with the final payment made on April 30, 2025.
The loan, disbursed in full on April 30, 2020, was part of the IMF’s emergency COVID-19 Rapid Financing Instrument.
It aimed at helping Nigeria cope with the economic disruptions caused by the pandemic, including falling oil prices, a recession, and fiscal pressures.
Although the principal repayment has been fully settled, it was found upon further checks of the IMF website that several charges associated with the loan remain due.
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These charges, which consist mainly of interest, will continue to be repaid annually for the next few years.
In 2025, Nigeria’s scheduled charge for the loan is SDR 6,548,785 (approximately $8.84m) due in May, with additional charges in August and November, bringing the total charge for 2025 to SDR 22,348,146 (approximately $30.24m).
The charges will remain consistent through 2029, with annual payments for each year ranging from SDR 25,912,903 in 2026 and 2027 to SDR 25,924,726 in 2028 and SDR 25,901,079 in 2029.
Further checks showed that the charges include Net SDR Charges, GRA Basic Charges, and SDR Assessments.
The PUNCH.
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