Nigeria has officially cleared its outstanding credit obligations to the International Monetary Fund (IMF), marking its exit from the global lender’s list of debtor countries and signaling a major achievement in President Bola Tinubu’s ongoing fiscal reform drive.
The IMF disclosed the update in its latest report, “Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025,” published on Wednesday.
According to the report, Nigeria is no longer among the 91 developing and least developed countries that collectively owed $117.8 billion to the IMF as of May 6, 2025.
The total IMF Credit Outstanding across all countries stood at $117,793,823,224 by May 7, 2025, which includes unpaid and outstanding principal from both current and expired arrangements. Nigeria’s journey to clearing its IMF debts has been steady over the past two years.
Data from data intelligence firm StatiSense showed that Nigeria’s obligations stood at $1.61 billion on July 28, 2023, reduced to $1.37 billion by January 5, 2024, then dropped further to $933.03 million by July 10, 2024, and reached $472.06 million by January 8, 2025.
By May 2025, the country had fully settled its debt with the Fund. Senior Special Assistant to the President on Digital Engagement, Strategy, and New Media, O’tega Ogra, welcomed the news as a sign of Nigeria’s fiscal maturity.
“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 said in a post on his official X (formerly Twitter) handle.
He clarified that Nigeria’s exit from the IMF debtor list does not signal an end to its relationship with the institution or other international lenders.
“This is definitely not a door slammed shut. Global partnerships, like the IMF, remain valuable allies, especially in a world defined by volatility and uncertainty. The difference now is that any future engagement will be proactive, not reactive, and based on partnership, not dependence,” Ogra explained.
Ogra emphasized President Tinubu’s focus on long-term structural reforms and responsible financial stewardship, adding, “Nigeria is rising with clarity, capacity, and credibility, and this is why you should take a #BetOnNigeria.”
In recent statements, the IMF has acknowledged Nigeria’s bold economic reforms, including the removal of fuel subsidies and the unification of foreign exchange rates, crediting them with helping to stabilize the country’s macroeconomic environment and laying the groundwork for sustainable growth.
Analysts view Nigeria’s clearance of IMF debt as a crucial milestone, one that not only boosts the country’s fiscal credibility on the global stage but also signals a policy shift away from aid dependence toward economic self-reliance.
Experts suggest that this development could lead to improvements in Nigeria’s credit rating, lower borrowing costs, and enhanced investor confidence.
Reflecting this renewed optimism, Fitch Ratings recently upgraded Nigeria’s outlook from Negative to Stable, citing the Tinubu administration’s commitment to far-reaching policy reforms.
