By Ghazali Ibrahim 
Nigeria has officially settled its entire $1.61 billion (N2.59 trillion) debt to the International Monetary Fund (IMF).
A check on the IMF website on Wednesday May 7, 2025, confirmed that Nigeria has been removed from the list of debtor nations, showing the successful completion of payments that began nearly two years ago.
Data from renowned analytics platform StatiSense shows the gradual repayment timeline: $1.61 billion as of July 28, 2023, $1.37 billion by January 5, 2024, $933.03 million onJuly 10, 2024, $472.06 million by January 8, 2025, and the final payment completed on May 6, 2025.
In a statement confirming the development, IMF Managing Director Kristalina Georgieva praised the Nigerian government for its “decisive fiscal management and commitment to long-term economic reform”.
The debt repayment erases a burden that had weighed on successive Nigerian administrations, largely made up of legacy debt incurred by previous governments through loans, arrears, and unsettled payments to international institutions and partners.
Reacting to the development on his official X handle, O’tega Ogra, Senior Special Assistant to President Bola Ahmed Tinubu on Digital Engagement, Strategy, and New Media, said the clearance symbolizes the administration’s commitment to fiscal discipline and reform.
“This is a signal of discipline, reform, and strategic reset by the Tinubu-Shettima administration in restructuring our finances to enable us to be better placed for a prosperous future,” Ogra Said.
He further clarified that while Nigeria is now debt-free with the IMF, the country remains a member of the global financial body and may still engage with it when necessary.
However, he emphasized that future dealings will be based on partnership, not dependence.
“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,” Ogra added.
The repayment marks one of the most significant debt clearance moves by an African nation in recent years, and could improve Nigeria’s credit outlook and investor confidence amid ongoing economic reforms.
