FG Confirms Payment of $3.4 Billion IMF Loan


The Federal Government has confirmed that Nigeria has fully repaid the $3.4 billion loan received from the International Monetary Fund (IMF) during the COVID-19 pandemic. 


Minister of Information and National Orientation, Mohammed Idris, confirmed the development while briefing State House Correspondents after the Executive Council Federation meeting at the Presidential Villa Abuja.


The repayment according to the Minister marks a significant milestone in Nigeria's fiscal journey, with the country's debt to the IMF declining steadily from $1.61 billion in 2023 to full settlement in May 2025.


Meanwhile, Human Rights lawyer Femi Falana has called for an investigation into the alleged diversion of the $3.4 billion IMF loan meant for COVID-19 relief. 


Falana in a statement also urged the IMF board to probe its management's handling of the emergency funds and suspend charges amounting to SDR 125.99 million (N275.28 billion) pending the investigation.

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