The Nigerian government is on track to fully repay its International Monetary Fund Rapid Financing Instrument loan by 2029.
According to the report by Punch newspaper on Saturday, the latest repayment schedule published by the IMF on its website showed that Nigeria had secured approval for an emergency financial support of 2,454.50 million Special Drawing Rights (SDR), which translates to about $3.32bn at the prevailing exchange rate of SDR1 to $1.35404 as of May 1, 2025.
The report noted that the RFI loan, disbursed in full on April 30, 2020, was granted to assist Nigeria in addressing urgent balance of payments needs following the devastating economic impacts of the COVID-19 pandemic, which had triggered a sharp fall in oil prices, a recession, and widespread fiscal pressures.
Under the terms of the facility, Nigeria’s remaining repayment obligations are staggered over a five-year period beginning in 2025 and concluding in 2029.
For 2025, Nigeria is scheduled to repay a final principal amount of SDR 306.81 million along with charges and interest of SDR 22.81 million, bringing the total repayment due this year to SDR 329.62 million, equivalent to approximately $446.21m.
According to the schedule, from 2026 to 2029, the obligations primarily relate to charges and interest payments estimated at around SDR 26.7 million each year, translating to about $36.14m annually at the current exchange rate.
“Cumulatively, Nigeria is expected to repay about SDR 436.42 million over the next five years, amounting to a total of $590.78m in U.S. dollar terms based on the latest valuation,” it added.
GIK/APA