Nigeria has been delisted from the International Monetary Fund’s (IMF) record of debtor nations, marking a significant financial milestone for the country.
According to an IMF document titled “Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025”, accessed on the institution’s official website on Wednesday, Nigeria no longer appeared among the 91 developing and least developed countries that collectively owe the Fund over $117.7 billion as of May 6, 2025.
The term “total IMF credit outstanding” refers to all unpaid principal amounts owed to the IMF by its member nations. This figure includes balances from both active financial arrangements and those that have expired.
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An official from the IMF’s headquarters in Washington, D.C., speaking anonymously to THISDAY, confirmed that the Fund was in the process of verifying Nigeria’s repayment status. “We are trying to confirm the reports. Nigeria borrowed during the pandemic. It was a rapid finance loan, and we are trying to confirm whether it has now been fully repaid,” the source stated.
Independent verification also came from StatiSense, a data analytics firm, which posted on its official X handle on Wednesday that Nigeria no longer appears on the IMF debtor list.
The firm traced the trajectory of the country’s IMF debt from $1.61 billion as of July 28, 2023, down to $1.37 billion in January 2024, then to $933.03 million in July 2024, and finally to $472.06 million by January 2025—before being completely cleared in May 2025.
These figures are denominated in U.S. dollars, converted from Special Drawing Rights (SDRs), the IMF’s supplementary international reserve asset designed to bolster member nations’ foreign reserves.
Reacting to the development, President Bola Tinubu’s Senior Special Assistant on Digital Engagement, Strategy, and New Media, O’tega Ogra, took to his X handle to describe the milestone as evidence of the current administration’s commitment to reform and responsible financial management.
He wrote, “As Nigeria closes the chapter on these legacy debt obligations, we are better placed to strengthen our fiscal credibility and show the world, and ourselves that Nigeria is serious about managing our economy with responsibility and vision.”
“Does this mean no more business with the IMF or other foreign lenders? No! Nigeria still remains a member of the IMF and can approach it at any time if the situation demands. This is definitely not a door slammed shut.
“Why? Because, global partnerships, like the IMF, remain valuable allies, especially in a world defined by volatility and uncertainty. The difference now is that any future engagement will be proactive, not reactive, and will also be based on partnership, not dependence. Debt clearance today, reform momentum tomorrow.
“President Bola Tinubu will continue to prioritise long-term reforms with sound financial management for the benefit of our country and generations yet unborn. Nigeria is rising with clarity, capacity, and credibility, and this is why you should take a #BetOnNigeria.
“Meanwhile, the IMF recently acknowledged Nigeria’s policy changes and economic reforms as commendable. During its 2025 Article IV Consultation Mission led by Axel Schimmelpfennig last month, the Fund praised the country’s fiscal and structural policy adjustments.“
“The Nigerian authorities have taken important steps to stabilise the economy, enhance resilience, and support growth. These reforms have put Nigeria in a better position to navigate the external environment,” the IMF stated.
The organization also noted lingering challenges. “The macroeconomic outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.
“Macroeconomic policies need to further strengthen buffers and resilience, reduce inflation, and support private sector-led growth.”
Schimmelpfennig specifically pointed to the discontinuation of Central Bank deficit financing, the elimination of fuel subsidies, and steps to improve the foreign exchange system as clear signals of Nigeria’s determination to reform.
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