Nigeria completes $3.4 Billion IMF COVID-19 loan repayment, faces ongoing annual charges​

As of April 30, 2025, Nigeria has fully repaid the $3.4 billion emergency funding it received from the International Monetary Fund (IMF) in April 2020 under the Rapid Financing Instrument (RFI). This facility was designed to provide urgent financial assistance to countries facing balance of payments needs, particularly in response to the economic challenges posed by the COVID-19 pandemic and the sharp decline in oil prices.

Despite the…