NKECHI NAECHE- ESEZOBOR–The International Monetary Fund (IMF), has said that despite Nigeria has fully repaid the $3.4 billion financial support it received under the Rapid Financing Instrument (RFI), it will continue to pay Special Drawing Rights (SDR) charges of US$30 million annually.
This is contained in a statement released on Thursday on behalf of Mr Christian Ebeke, the IMF’s Resident Representative for Nigeria.
IMF had announced that Nigeria fully completely repaid the $3.4 billion emergency loan it received at the height of the COVID-19 pandemic, according to
The repayment of the loan according to IMF was completed on April 30, 2025.
The loan was to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.
The statement said “As of April 30, 2025, Nigeria has fully repaid the financial support of about US$3.4 billion it requested and received in April 2020 from the International Monetary Fund (IMF) under the Rapid Financing Instrument.”
It however noted that despite the payment, “Nigeria is expected to honor some additional payments in the form of Special Drawing Rights charges of about US$30 million annually.
“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) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion) The net payment of the charges stops when Nigeria’s SDR holdings reach the cumulative allocation amount.”
The Outstanding Payment are:
June 30, 2023 SDR 2,45 billion
Dec 31, 2023: SDR 1,84 billion
June 30, 2024: SDR 1,23billion
March 31, 2025: SDR 306,81million
