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Tinubu Presidency Claims IMF Debt Cleared, But Data Shows N274Billion Still Owed In Charges

The most recent data published by the International Monetary Fund (IMF) shows that Nigeria owes a total of SDR125.99 million, representing charges and interest on loans it has drawn.

"SDR" means "Special Drawing Rights" and refers to a form of currency used to value funds borrowed by different beneficiary countries by the IMF.

According to the currency exchange platform XE, each SDR unit was worth N2,180 at the time of this report.

According to the latest update from the IMF, published on April 30, 2025, Nigeria is expected to pay SDR22.35 million in charges and interest in 2025.

For 2026 and 2027, the figure is projected to remain steady at SDR25.91 million. In 2028, the amount rises slightly to SDR25.92 million, before dipping marginally to SDR25.90 million in 2029.

In total, Nigeria's outstanding charges and interest to the IMF amount to SDR125.99 million. At an exchange rate of N2,180 per Special Drawing Right (SDR), based on XE currency conversion, this translates to approximately N274.66 billion.

Nigeria’s debt to the IMF originates from April 2020, when the country secured a loan approval of SDR2.454 billion.

IMF debt repayments are made up of two components: the principal and associated charges or interest.

Further breakdown shows that Nigeria was not scheduled to begin repaying the principal until 2023, when SDR613.63 million became due. This was followed by a larger repayment of SDR1.227 billion in 2024, and another SDR613.63 million scheduled for 2025.

Before principal repayments commenced, Nigeria paid only charges and interests totalling SDR13.22 million in 2020, SDR25.88 million in 2021, and SDR25.89 million in 2022.

With principal repayments starting in 2023, President Bola Ahmed Tinubu—who assumed office that year—has overseen the ongoing debt servicing.

As of April 30, 2025, IMF data confirms that Nigeria has met its scheduled principal repayments, but still owes SDR125.99 million in charges and interest.

Citing data from the Central Bank of Nigeria’s (CBN) 2024 financial year report, SaharaReporters revealed that the country’s debt burden to the International Monetary Fund (IMF) increased by N2.5 trillion by the end of December 2024, primarily due to foreign exchange losses.

In practical terms, Nigeria’s liability to the IMF stood at N2.5 trillion in 2023. However, the sharp depreciation of the Naira over the course of 2024 caused that figure to double, reaching N5 trillion by year-end.

According to the CBN’s financial statement, this effectively meant that the country had to pay twice as much in local currency to meet its external obligations.

SaharaReporters also pointed out a contradiction between this data and recent claims by government officials, including presidential aides that Nigeria had "cleared" its debts to the IMF. While presidential aides Bayo Onanuga and Dada Olusegun publicly challenged the report—asserting that the IMF debt had been fully repaid—the data tells a more nuanced story.

Although Nigeria may have met its scheduled principal repayments, the IMF still lists charges and interest under "overdue obligations and projected payment funds," indicating that the country remains indebted in that regard.

SaharaReporters stood by its reporting, emphasising that even if the principal was repaid, the weakened value of the Naira significantly increased the financial burden on Nigeria in local currency terms. As a result, the government had to allocate more public funds than it would have if the Naira had retained its value.

In Nigeria, debt servicing has frequently been blamed for consuming much of the nation's revenue.

For instance, a SaharaReporters review of Nigeria’s economic report for January 2025 revealed that the country spent N696 billion on debt servicing during that month alone. Between December 2024 and January 2025, the total amount spent on debt servicing reached N1.3 trillion — N696 billion in each of the two months.

This exceeds the budgeted monthly figure of N689 billion for debt servicing.

The review also showed that zero naira was allocated for capital expenditure in January 2025, as stated in the economic report published by the Central Bank of Nigeria.

https://saharareporters.com/2025/05/08/tinubu-presidency-claims-imf-debt-cleared-data-shows-n274billion-still-owed-charges

Which data again?

Even on IMF website it shows 00

Sharpsharp00123:
Which data again?

Even on IMF website it shows 00

I'm not sure you read the article.

Sahara reporters. Make I no talk

richmond500:
Sahara reporters. Make I no talk

SaharaReporters is right. This X user describes it succinctly.

richmond500:
Sahara reporters. Make I no talk

From the article which you clearly didn't read

As of April 30, 2025, IMF data confirms that Nigeria has met its scheduled principal repayments, but still owes SDR125.99 million in charges and interest.

Who initially believed their propaganda post earlier apart of APC nitwits ...






Tinubu is just an epitome of failure

richmond500:
Sahara reporters. Make I no talk

Why not disprove their claim?




All these 20k defenders sef!

Seyi Tinubu can pay off that chicken change from his pockets.

It will soon be cleared..


Stay positive

If you're reasonable and you understand how tinubu and apc run everything on propaganda, you will not waste your precious time arguing with their senseless supporters because with time, those lies about paying off imf loans will be unveiled.

I may not be supporter of Tinubu or APC but in reality Tinubu is trying in terms of sentiment of debt and infrastructure

This is a normal thing na 😂

Debt is cleared just outstanding charges, even personal loans are like that

Sadistic Yele

Go and pay it now

So why is sadara repeaters crying now? Debt is definitely paid, remain charges. Stop trying to bring down the government you can't even do 1 millionth of what it's doing

OK ,




Let's hear from the presidency and mostly those in charge for clarification.






Princess Faith Chukwu

Explain tire

Lol

Oops


Tv console
Dm

richmond500:
Sahara reporters. Make I no talk

please talk, @least they work with stats and fact

Lets see Tinubu bot counter with superior evidences

Richmond500 Oya my guy oya come and defend this one again ?
You people should stop supporting this thieving Goveement for God sake naw
Every Goverment from babangida era to tinubu minus yaradua collected huge loans from imf and that is what we are all facing now

As this is from SR, they'd say it's a lie. Apc...

Na wa o

IMF don open office for the head of Nigeria o

See the amount in charges alone

This government and lies[code][/code]

They are still owing.

APShiiiit Babablu TINUBULATION propaganda.

Mr Babablu pays Mr Ajasco 1 billion naira to clear debt.

But Mr Babablu is still owing Mr Ajasco 15 billion naira in charges and interest.

Is Mr Babablu still owing Mr Ajasco or not?

It is Accrued fees. It will be paid elo fo Kan bale

ohosi4real:
I may not be supporter of Tinubu or APC but in reality Tinubu is trying in terms of sentiment of debt and infrastructure

Cut your Bullshit man. I may not be supporter of Tinubu? Lol

This are charges alone, not the principal owed. It's much,@ HacheNoire

At this point, I think the IMF should release an official statement to set the records straight, but that Fund looks like a criminal organisation used to scam countries in need of financial support.