Nigeria has paid back all its outstanding debts owed to the International Monetary Fund (IMF) and exited the list of debtors to the organization.

Naija News reports that as of 2023, Nigeria’s IMF debt stood at $1.61 billion. However, through a repayment plan initiated by the administration of President Bola Tinubu, the debt steadily declined, reaching $472 million by January 2025, and has now been fully paid off as of May 2025.

This development was confirmed in the latest report from the IMF website, which shows Nigeria is no longer included on the list of nations indebted to the IMF.

The debt-free status of Nigeria was also confirmed by the Senior Special Assistant to President Tinubu on Digital Engagement and Strategy, O’tega Ogra, via a statement released on his ? account.

In the statement, Ogra confirmed that Nigeria has officially cleared all its legacy debt with the IMF.

The presidential aide added that the development is a signal of discipline, reform, and strategic reset by the Tinubu-Shettima administration in restructuring Nigeria’s finances.

He wrote, “Remember my Easter Special, in which I spoke about our improved debt management and financial restructuring, which has given us the capacity to invest more in sustainable infrastructure and policies? Yes, there is an update.

“According to the latest data on the International Monetary Fund Website as of today, May 6, 2025, Nigeria has officially cleared all its legacy debt with the IMF.

“It is a signal of discipline, reform, and strategic reset by the Tinubu-Shettima administration in restructuring our finances to enable us to be better placed for a prosperous future

“As Nigeria closes the chapter on these legacy debt obligations, we are better placed to strengthen our fiscal credibility and show the world, and ourselves, that Nigeria is serious about managing our economy with responsibility and vision.”

Ogra was also quick to clarify that despite offsetting the loans, Nigeria remains a member of the IMF.

“Nigeria still remains a member of the IMF and can approach it at any time if the situation demands. This is definitely not a door slammed shut,” he added.