President Bola Ahmed Tinubu has reduced Nigeria’s outstanding debt to the International Monetary Fund (IMF) from $3.26 billion to $800.23 million.
This was revealed according to the latest data from the IMF Financial Statements released in April 2025.
The reduction represents a 75% drop in Nigeria’s obligations to the global lender within a relatively short period, reflecting a deliberate effort by the Tinubu-led government to stabilize the country’s external debt profile and strengthen macroeconomic fundamentals.
As of April 2024, Nigeria’s debt to the IMF stood at approximately $3.26 billion, largely driven by emergency financial assistance extended during the COVID-19 pandemic under the Rapid Financing Instrument (RFI).
The funds were accessed to cushion the effects of the global economic downturn and address immediate balance-of-payments needs.
However, the most recent IMF financial report shows Nigeria’s current debt at $800.23 million, an indication that the country has either repaid a substantial portion of the loan or declined further credit drawdowns amid ongoing economic reforms.
The reduction aligns with the Tinubu administration’s commitment to restoring fiscal discipline, improving debt sustainability, and reducing dependence on multilateral loans.
Despite the progress, Nigeria still faces significant economic challenges, including high inflation, a volatile exchange rate, and the need to boost non-oil revenue.
Nonetheless, the drastic drop in IMF debt may offer some breathing room for the administration as it pursues wider structural reforms.
The IMF has yet to officially comment on Nigeria’s repayment trajectory.
President Tinubu has consistently emphasized his administration’s focus on “bold reforms” and sustainable economic management, and the sharp decline in IMF debt appears to reinforce that narrative.
