By Tochukwu Bliss, Abuja
As of April 30, 2025, Nigeria has fully repaid the financial support of about $3.4 billion it requested and received in April 2020 from the International Monetary Fund (IMF) under the Rapid Financing Instrument, the global lender said yesterday.
The IMF said in a statement that the loan was meant “to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.”
However, the Fund added that “Nigeria is expected to honor some additional payments in the form of Special Drawing Rights (SDRs) charges of about $30 million annually.”
It explained that in line with the IMF’s Articles of Agreements, “these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria’s SDR holdings (SDR 3,164 million) ($4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) ($5.5 billion).
According to the IMF, “The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount.
Nigeria is expected to honor some additional payments in the form of Special Drawing Rights (SDRs) charges of about $30 million annually.
