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Despite clearing $3.4bn COVID-19 loan, Nigeria still owes IMF $120m

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President Tinubu
President Bola Tinubu
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The International Monetary Fund (IMF) on Thursday confirmed that Nigeria has fully repaid the $3.4 billion COVID-19 financial support it got under the Rapid Financing Instrument (RFI).

But despite the confirmation, the government is still indebted to the multilateral organisation to the tune of about $30m, which is the Special Drawing Rights (SDR) charges According to Daily Trust report.

The $30m equivalent of N48.2bn would be paid annually over a period of four years as charges on the loan. This would amount to over N190bn.

The SDRs are supplementary foreign exchange reserve assets defined and maintained by the IMF which represent a claim to currency held by IMF member countries for which they may be exchanged.
There have been mixed reactions over the claim of the full repayment of the IMF loan which the presidency has widely celebrated.

FIRS

Senior Special Assistant to the President, Otega Ogra had posted a widely circulated post on X (formerly Twitter) account sharing the good news of Nigeria’s exit from the IMF debtors’ list.

He said this was a signal of “Discipline, reform and strategic reset by the Tinubu-Shettima administration in restructuring our finances to enable us to be better placed for a prosperous future.”

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The announcement according report was coming amidst criticism of the Bola Ahmed Tinubu-led administration over the rising domestic and external debts.

Nigeria’s total domestic and external debts amount to over N144.67 trillion as of December 2024, according to the Debt Management Office (DMO).

WHAT IMF SAID

In a statement yesterday on behalf of the IMF’s Resident Representative for Nigeria, Mr. Christian Ebeke cleared the air on the repayment of the RFI loan facility, which was disbursed in April 2020 during the COVID-19 pandemic.

During the pandemic, the global economy was almost shut down resulting in sharp fall in oil prices, slowdown of the economic activities and drastic drop in revenues to the government.

Having cleared the principal amount, the federal government is now expected to pay the interests and charges on the loan estimated to be about N200bn.

IMF 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 to help alleviate the impact of the COVID-19 pandemic and the sharp fall in oil prices.”

It however explained that Nigeria would continue to make annual payments of approximately $30 million in SDR-related charges over the next few years.

These charges, it stated, accrued from the difference between Nigeria’s SDR holdings and its cumulative SDR allocation.

The statement added, “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.”

Debt burden persists despite IMF’s loan repayment

As stated earlier, Nigeria’s public debt of N144 trillion as of December 2024 remains a source of concerns for stakeholders and observers.

This amount has been projected to grow significantly before the end of the year following the 2025 budget deficit of N13 trillion.

With the sharp drop in oil prices in recent times, there are indications that the federal government would borrow more to bridge the deficit.

Already, the federal government is indebted to many multilateral organisations like the IMF, World Bank, African Development Bank (AfDB), among others.

Last year, Nigeria spent $4.66bn on external debt servicing, a significant increase from $3.5bn in 2023 with the multilateral creditors accounting for the largest portion at $2.62bn or 56 per cent of the total.

In addition, Nigeria has continued to take fresh loans from the World Bank with over $8bn secured from the organisation alone.

With the amount of loan facilities yet to be repaid and with more facilities in the offing especially with the World Bank, economic analysts say it is not yet Uhuru for the government.

They particularly cautioned against being carried away by the loan repayment with the IMF and stressed the need to double down especially on foreign loans to ensure debt and fiscal sustainability.

Emeritus Professor of Economics, Ndubisi Nwokoma believes nothing has really changed as there were other loan facilities still hanging on the neck of the federal government.

He said, “That has not changed the big picture, the big picture is still not a good or desired position.

Government is still borrowing, we are indebted to many multilateral institutions, we are indebted to AfDB, World Bank, we are taking bilateral loans, so it doesn’t significantly change our debt profile and with the drop in the price of oil, it makes it more difficult for government to stay without borrowing, even though it has been made easier by the removal of fuel subsidy and the harmonisation of the foreign exchange market.

“This had made it easier for the government in terms of public finance and not to be under serious pressure, if there were still fuel subsidy the fall in price of fuel would have been a very big blow on public finance because basically we are talking about public finance, government has much money to play around with, so the triple down effect on the economy is not very strong, but in terms of fiscal sustainability for government, it’s an improvement.

“So nothing has changed on the part of the common man or the economy or inability to get the economy out of the woods but public finance, fiscal sustainability is being assisted with those earlier policies that took place in 2023 but drop in price of crude may make us go back to our borrowing ways, so not much has really changed.”

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FG deserves commendation

An economist at the African School of Economics in Abuja, Dr. Oluseye Ajuwon commended the government for clearing the IMF loan.

He stated that there is no nation that exists without borrowing. However, Nigeria must borrow “responsibly.”

“There is no nation that can do without borrowing, not even a developed country not to talk of a struggling economy like ours. However, we need to borrow responsibly.

“Borrowing responsibly simply means borrowing money for a project that will be able to repay the loan by itself, and spending the loan judiciously.”

‘We need to double down’

Dr. Muda Yusuf, Director/CEO, Centre for the Promotion of Private Enterprises (CPPE) said the repayment of the IMF loan signaled the commitment of the government to reduce its debt burden.

“However, I think we need to continue to double down on the reduction of our debts because given the current debt level and particularly given the current level of our debt service commitment and the amount of resources we are committing to debt service, I think it will help our fiscal sustainability, our debt sustainability if we work towards reducing the totality of our debt exposure especially external debt because from all indications, external debts are much more difficult to manage and service than domestic debts,” he stated.

According to him, the focus must be on doubling down both domestic and external debt.

“So the payment of these components of debt is a welcome development, it will in some sense reduce the burden of outstanding debts and we need to do a lot more of that and going forward, as much as possible we should reduce our exposures, especially to foreign debts.

“And utilisation of debts is also important, debts must be committed to projects that would enhance the productivity in the economy and that should be our priority and that is speaking largely to our infrastructure stock.

“We should prioritise infrastructure investment in our debt exposure, which is extremely important. I am also hoping that our fiscal consolidation objectives will also improve and will also be better achieved with the current tax reform.

“We expect that the revenue administration would be much more efficient without necessarily putting additional burden on the citizens or businesses. If we are able to do that, then the pressure to incur more debt would reduce. We need to ensure that the cost of domestic debts is as low as it can be as well.”

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Abuja

Mercedes G63 Kills Six Cows in Abuja Highway Crash

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A luxury Mercedes-Benz G-Class G63 AMG was involved in a late-night crash on a major highway in Abuja, killing six cows and sparking renewed concerns over road safety and enforcement of grazing laws in the Federal Capital Territory.
The incident occurred around 8 p.m. on Monday,

according to eyewitness accounts, when the high-speed SUV collided with a herd of cows that had reportedly strayed onto the roadway. A video circulating on social media shows the aftermath, with the white cows lying across the dark highway as traffic officials worked to manage the situation.


As of the time of filing this report, there were no confirmed injuries to the driver or any passengers in the vehicle. Unverified reports on social media suggested that the SUV sustained only minor damage despite the severity of the collision.


The accident has reignited debates over the continued presence of cattle on major roads in Abuja, despite the 2017 ban on open grazing introduced by the Federal Capital Territory Administration. The policy was designed to curb frequent clashes between herders and communities, as well as prevent traffic disruptions and accidents caused by roaming livestock.

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Residents and road users have repeatedly raised concerns about the enforcement of the grazing ban, noting that cows are still often seen along highways and within urban areas of the capital. Monday night’s crash is the latest in a series of such incidents, highlighting ongoing gaps in regulation and compliance.


Authorities are yet to release an official statement on the crash or confirm whether any action will be taken regarding the presence of the cattle on the highway.

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Jobs

Job Vancancy: Moniepoint Job Vacancies in Abuja and North Central Nigeria

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Research Interviewers Job in Nigeria – Jhpiego Hiring Across 36 States & FCT
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Leading Nigerian fintech company Moniepoint has announced six new job openings across Abuja and several states in the North Central region, expanding its workforce in compliance, technical operations, sales, and security management.

The vacancies cut across multiple departments, reflecting the company’s continued growth in agent banking, SME solutions, and digital financial infrastructure services.

Available Positions

Field Risk & Internal Control Officer (North Central)

  • Team: Compliance
  • Location: FCT, Nigeria
    The role focuses on monitoring operational risks, enforcing internal control standards, and ensuring compliance across field operations in the region.

Apply Here

Hardware Engineer

  • Team: Advanced Technical Operations
  • Location: FCT, Nigeria
    Successful candidates will handle hardware installation, maintenance, troubleshooting, and technical support for field operations.

Apply Here

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Implementation Officer (North Central)

  • Team: Moniebook Business Management Tools
  • Locations: Benue, Plateau, FCT
    This role involves onboarding merchants and ensuring smooth deployment of Moniepoint’s business tools across assigned regions.

Apply Here

Inbound Sales Officer (Abuja)

  • Team: Moniebook Business Management Tools
  • Location: FCT, Nigeria
    The position focuses on handling inbound customer inquiries, converting leads, and supporting sales growth for Moniepoint business solutions.

Apply Here

Regional Lead, Corporate Security (North)

  • Team: Moniepoint MFB
  • Locations: FCT, Kano
    The role oversees corporate security operations, risk prevention strategies, and protection of company assets across northern Nigeria.

Apply Here

Regional Lead, Field Risk & Internal Control (North)

  • Team: Compliance
  • Location: FCT, Nigeria
    This leadership position is responsible for coordinating regional risk management teams and strengthening internal control systems.

Apply Here

The hiring drive comes as fintech companies in Nigeria continue to expand their physical and digital operations across underserved regions, particularly in agent banking and SME support services.

Moniepoint, one of the fastest-growing fintech firms in the country, has steadily increased recruitment in technical, compliance, and field operations roles over the past year.

With these openings, Moniepoint is strengthening its presence in Abuja and northern Nigeria while scaling its financial services infrastructure across the country.

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Business

Nigerians Slam Moniepoint CEO Over ‘Talent Quality’ Remarks Amid Hiring Debate

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Comments by Tosin Eniolorunda, CEO of Moniepoint, have sparked a heated debate online after he questioned the quality of Nigeria’s talent pool while discussing his company’s hiring challenges.


Speaking at the The Platform Nigeria on May 1, Eniolorunda said the fintech firm had advertised over 500 vacancies since 2024 but struggled to find qualified local candidates. He revealed that by 2025, the company reversed its local-only hiring policy due to the shortage.


I used to feel Nigerians are really bright… but we are still struggling to find Nigerians to fill those roles. They don’t meet global standards,” he said, attributing the gap to factors such as social media distractions, cybercrime, hookup culture, and weaknesses in the education system.

Backlash and Counterarguments



His remarks triggered swift backlash from Nigerians, particularly within the tech community, with many accusing local companies of failing to invest in talent development.

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Critics argued that unlike global firms, Nigerian tech companies rarely offer structured, paid internship programs or training pipelines to groom young professionals. Some pointed to examples of international companies like Oracle Corporation, where internships and early talent programs serve as entry points into full-time roles.


Others shared personal experiences of being rejected by local firms despite strong resumes, while noting that Nigerian professionals continue to secure roles in global companies such as Amazon.


A recurring sentiment online was that many Nigerian companies demand “global-standard talent” but are unwilling to offer competitive compensation or career development opportunities.

Industry Perspective



Supporters of Eniolorunda’s stance, however, pointed to the realities of scaling a fast-growing fintech company in a competitive global market. They cited brain drain, limited specialized skills, and increasing demand for top-tier expertise as genuine challenges facing Nigerian startups.


Analysts say the controversy highlights a broader issue within Nigeria’s tech ecosystem balancing expectations between employers and job seekers, while addressing gaps in education, training, and remuneration.



The debate mirrors ongoing tensions around talent development, compensation, and hiring practices in Nigeria’s fast-evolving tech sector.

As companies expand and compete globally, the question of how to build, retain, and fairly reward talent is likely to remain a central issue.

i

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Outrage as Soldier Assaults Journalist Over Traffic Dispute in Lagos

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A Nigerian soldier has allegedly assaulted a journalist, Fakoyejo Olalekan, during a traffic control operation in Lagos State, triggering widespread public condemnation after video footage of the incident surfaced online.
The clash occurred on May 2 near Pleasant Event Centre in Ikeja, where personnel of the Nigerian Army were reportedly directing heavy traffic.


According to eyewitness accounts, the altercation began after Fakoyejo remarked to passengers that a soldier’s handling of a motorcyclist had caused an unnecessary delay. The comment allegedly angered one of the soldiers, who ordered everyone out of the vehicle.


The situation escalated when the soldier reportedly slapped and shoved the journalist, and briefly reached for a piece of wood before bystanders intervened to prevent further escalation.


Video clips circulating on social media show at least two soldiers involved in the confrontation. During the incident, Fakoyejo’s phone screen was also seen shattered on the pavement. No serious injuries were reported.

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The footage has since triggered widespread criticism online, with many users calling for accountability and questioning the conduct of military personnel during civilian traffic enforcement duties.


As of May 4, the Nigerian Army had yet to issue an official response despite being tagged in multiple public complaints and posts about the incident.

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Outrage as DSS Arraigns Chidiebere Justice Mark Over Alleged Cybercrime, Military Incitement

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The Department of State Services (DSS) on Monday arraigned Chidiebere Justice Mark, popularly known as Justice Crack, before the Federal High Court sitting in Abuja on a three-count charge bordering on cybercrime and alleged incitement against the military.

Mark was earlier arrested by the Nigerian Army over a viral video and accompanying statements he shared via his X (formerly Twitter) handle, @JusticeCrack, in which he reportedly alleged inadequate feeding of Nigerian soldiers.

According to the charge sheet, the defendant is accused of knowingly circulating false information intended to provoke public annoyance, ill will, and hatred among citizens.

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Details of Charges

Count One alleges that on April 28, 2026, Mark disseminated information on social media regarding poor feeding conditions of Nigerian Army personnel, which authorities claim he knew to be false. The offence is said to contravene Section 24(1)(b) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 (as amended).

Count Two states that the accused published a viral video and statements about the Nigerian Army that triggered widespread negative reactions and were likely to cause fear and a breach of peace. This charge is brought under Section 59 of the Criminal Code Act.

Count Three accuses Mark of attempting to commit a felony by circulating what authorities described as derogatory content about the Army, also linked to potential public unrest, punishable under Section 509 of the Criminal Code Act.

Court Proceedings

Presiding judge, Joyce Abdulmalik, adjourned the case to May 25, 2026, for trial and possible hearing of a bail application. The court also ordered that the defendant be remanded in DSS custody pending further proceedings.

Public Reaction

The arraignment has sparked widespread reactions across social media, with civil rights advocates and concerned citizens debating issues around freedom of expression, national security, and the limits of online speech in Nigeria.

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