Nigeria has successfully repaid $1.22 billion to the International Monetary Fund (IMF) over the past nine months.
This repayment effort, spanning from the fourth quarter of 2023 to the second quarter of 2024, marks a substantial reduction in the country's debt to the IMF, which decreased from $3.26 billion in June 2023 to $1.16 billion by June.
The repayments are part of President Bola Tinubu's administration's broader strategy to address a $3.4 billion loan received from the IMF in April 2020. This loan was initially granted as emergency financial assistance to help Nigeria cope with the economic challenges posed by the COVID-19 pandemic.
As noted in the report, "The IMF approved $3.4bn in emergency financial assistance under the Rapid Financing Instrument to support the authorities’ efforts in addressing the severe economic impact of the COVID-19 shock and the sharp fall in oil prices."
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