Table of Contents
The Federal Government has confirmed the full repayment of the $3.4 billion loan secured from the International Monetary Fund (IMF) at the height of the COVID-19 pandemic, completing the transaction as of April 30, 2025.
The loan, accessed in April 2020 under the IMF’s Rapid Financing Instrument, was aimed at mitigating the economic downturn caused by the pandemic and the sharp fall in global oil prices.
Speaking after Monday’s Federal Executive Council (FEC) meeting in Abuja, the Minister of Information and National Orientation, Mohammed Idris, said the repayment was carried out under the directive of President Bola Ahmed Tinubu, who is committed to financial discipline and settling debts inherited from previous administrations.
“President Tinubu, as usual, sees government as a continuum. He directed that the government should exit that debt, and I can report to you today that Nigeria has indeed exited from that IMF facility,” Idris said.
He emphasised that the repayment has significantly boosted Nigeria’s credibility on the global stage and reassured foreign investors of the country’s ability to honour its international financial obligations.
“This move has boosted our credibility globally. It reassures foreign investors of Nigeria’s capacity to meet its debt obligations and improves our rating across international financial platforms,” the minister added.
Amid public scepticism, Idris confirmed that the repayment was genuine and fully completed. “I saw some cynicism in some quarters questioning whether this is true. I can confirm it: the debt has been paid in full.”
Also Read: Nigeria to Cut Uniform Imports with Local Factory Expansion – ICRC
Infrastructure and Private Sector Participation
The Council also reviewed ongoing infrastructure development, noting the growing interest of the private sector in funding critical projects, particularly road construction. The minister said government agencies have been instructed to create an enabling environment to encourage more public-private partnerships.
“The government is saying there’s an increasing need for private sector players to participate actively in national economic growth. Wherever the private sector can deploy its funds to support infrastructure, particularly roads, such opportunities should be encouraged,” he stated.
Crackdown on Infrastructure Vandalism
Addressing another key issue, Idris disclosed the Council’s concern over the escalating vandalism and theft of public infrastructure, especially the removal of metallic components from bridges and other facilities.
He announced that President Tinubu has directed the Attorney-General of the Federation, Lateef Fagbemi, to review existing legislation and propose stiffer penalties to deter such criminal activities.
“People, under the cover of night, go to remove metallic infrastructure parts from bridges and other assets and sell them to buyers who recycle and reintroduce them into the market. This criminal enterprise is on the rise,” the minister said.
While laws currently exist to prosecute such acts, he noted that the government is intensifying efforts to enhance enforcement and deterrence.
More Frequent FEC Meetings
In a bid to improve responsiveness and accelerate decision-making, Idris announced that FEC meetings will now be held more frequently. “Council has decided to fast-track its decision-making process. We will sit again in two days to consider more pressing matters,” he revealed.
The next Federal Executive Council meeting is scheduled for Wednesday, 14th May, 2025.
