Nigeria Delisted: Nigeria has left the list of insolvent nations after clearing its $1.6 billion debt to the IMF.
After paying off its $1.61 billion debt to the IMF, Nigeria has dropped off the list of bankrupt countries.
Having 91 developing and least developed countries owed the fund a total of $117,656,224 as at May 6, 2025, acquired on the website of the multilateral institution on Wednesday, Nigeria was not listed among the debtors in a report titled “Total IMF Credit Outstanding – Movement from May 01, 2025.”
entire IMF credit outstanding is the entire amount of unpaid and outstanding principal owing by the fund from every one of its members.
This covers existing loans under current terms as well as expired ones.
However, according to StatiSense, a data company that also revealed on its X handle on Wednesday that Nigeria was no longer listed on the list of nations owing to the IMF, Nigeria owes the fund $1.61 billion as of July 28, 2023.
StatiSense said the debt was $1.37 billion as of January 5, 2024; $933.03 million as of July 10, 2024; and $472.06 million as of January 8, 2025, until it was finally resolved this month.
The amount turned out to be US dollars rather than Special Drawing Rights (SDR), an international reserve asset created by the IMF to increase official reserves of member nations.
O’tega Ogra, Senior Special Assistant to the President on Digital Engagement, Strategy, and New Media, said on his X handle that the development of the Tinubu government was evidence of discipline, reform, and strategic reset by means of “our finances to enable us to be better placed for a prosperous future”.
With the closing of the chapter on these legacy debt commitments, Ogra stated, “We are better positioned to show the world, and ourselves, that Nigeria is serious about managing our economy with responsibility and vision.”
Does this mean less business for the IMF or other foreign lenders? Not one.
Nigeria still belongs to the IMF and can approach it at any time, depending on the situation.
This most clearly does not show a tightly closed door. “For what purpose?” Global alliances such as the IMF remain close friends since they are essential in an unpredictable and unstable environment.
The difference today is that any future involvement will be proactive rather than reactive and will also be based on cooperation rather than dependency.
Now debt is clearing; tomorrow reform momentum. “President Bola Tinubu will keep implementing long-term reforms under careful financial management first importance for the welfare of our country and next generations.
Since Nigeria is definitely rising with capacity and credibility, you should take a #BetOn Nigeria. Recently applauding Nigeria’s ongoing economic reforms, the IMF described them as bold actions meant to stabilize the nation and create conditions for future growth.
Under team headed by Axel Schimmelpfennig, the IMF said in its latest 2025 Article IV Consultation Mission to Nigeria last month “The Nigerian authorities have taken important steps to stabilise the economy, enhance resilience, and support growth”.
These developments have positioned Nigeria more suited for negotiating the outside world.
“The macroeconomic picture is rather hazy. Changing world risk mindset and lower oil prices influence Nigerian economy.
“Macroeconomic policies need to further strengthen buffers and resilience, reduce inflation, and support private sector-led growth.”
In the announcement, Schimmelpfennig said that major legislative reforms showing a dedication to reform included the end of CentraL Bank of Nigeria’s (CBN) deficit funding, abolition of costly fuel subsidies, and improvement of the foreign exchange market.
