IMF Confirms Nigeria’s Repayment Of $3.4Billion Pandemic Loan, Says Country Owes About $30Million 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.

In an email sent exclusively to SaharaReporters 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.

"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 SaharaReporters.

"Nigeria is expected to honor 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 allocation amount," the IMF added.