The International Monetary Fund (IMF) has confirmed that Nigeria has fully repaid the $3.4 billion emergency loan it received in April 2020 under the Rapid Financing Instrument (RFI) to cushion the impact of the COVID-19 pandemic and plunging oil prices.

In a statement issued on Wednesday, the IMF’s Resident Representative in Nigeria, Dr Christian Ebeke, clarified that while the principal has been repaid, Nigeria is still expected to meet annual charges of about $30 million in Special Drawing Rights (SDR).

“As of April 30, 2025, Nigeria has repaid the entire $3.4 billion it received in 2020. However, annual SDR charges will continue until Nigeria’s SDR holdings equal its cumulative allocation,” Ebeke explained.

An SDR is an international reserve asset created by the IMF to supplement members’ official reserves and is valued against a basket of major currencies.

The IMF has removed Nigeria from its list of debtor countries. According to its latest report, 91 countries collectively owe the Fund over $117 billion — Nigeria is no longer among them.

The Fund praised recent economic reforms in Nigeria, including ending deficit financing by the Central Bank, removing costly fuel subsidies, and improving the foreign exchange market.

“These steps reflect a strong commitment to macroeconomic stability and reform,” the IMF stated in its Article IV Consultation Mission last month.