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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....
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