The International Monetary Fund has noted that the federal government of Nigeria is on track to complete the repayment of the International Monetary Fund (IMF) Rapid Financing Instrument loan by 2029.
The details capturing the figures loaned out and the latest repayment schedule were published on the website of the IMF.
The federal government reportedly secured approval for emergency financial support of 2,454.50 million Special Drawing Rights (translating to about $3.32 billion at the prevailing exchange rate of SDR1 to $1.35404 as of May 1, 2025).
The loan was, however, fully disbursed on April 30, 2020, to help address balance of payment needs amid the Coronavirus pandemic and fluctuations in global oil prices. Following the fiscal pressures and obligations to be met, the facility was speedily secured with repayment plans to commence in 2025 and last until 2029. While RFI disbursement was rapidly approved, with minimal conditions.
The payment schedule is given below
* 2025 โ Nigeria is to repay $446.21 million (equivalent of SDR 329.62 million, comprising a final principal amount of SDR 306.81 million, and interest charges of SDR 22.81 million).
* 2026 to 2029 โ Charges and interests amounting to about $36.14 million or SDR 26.7 million each year.
* In total, Nigeria will be repaying about SDR 436.42 million or $570.78 million over the next five years.
However, Nigeria’s swiftness and diligence in repaying the IMF loan will likely send a positive signal to global investors and development partners, particularly following the recent upgrade by Fitch Ratings.
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