In a major stride toward restoring Nigeria’s financial reputation, President Bola Ahmed Tinubu’s administration has officially cleared all legacy debt owed to the International Monetary Fund (IMF).
This was confirmed by the latest update on the IMF website as of May 6, 2025.
The development is being seen as a key achievement under the ongoing economic reforms championed by the Tinubu-Shettima leadership.
According to available data from the IMF’s official debt balance record (https://www.imf.org/external/np/fin/tad/balmov2.aspx?type=TOTAL), Nigeria no longer holds any outstanding financial obligations with the international body.
This is a reflection of improved debt management and a deepening commitment to long-term fiscal reforms.
Speaking on the matter, presidential aide Otega Ogra took to social media to share the update.
He recalled his earlier Easter message that highlighted signs of “improved debt management and financial restructuring.” Ogra noted, “Yes, there is an update.
According to the latest data on the International Monetary Fund Website as of today, May 6, 2025, Nigeria has officially cleared all its legacy debt with the IMF.”
The decision to pay off the IMF debt is viewed as a bold move aimed at rebuilding Nigeria’s financial structure and global trust.
“It is a signal of discipline, reform, and strategic reset by the Tinubu-Shettima administration in restructuring our finances,” Ogra explained. He added that this sets the country on the path to a “prosperous future.”
Moreover, while this clearance closes one chapter, it does not rule out future cooperation.
“Does this mean no more business with the IMF or other foreign lenders? No! Nigeria still remains a member of the IMF and can approach it at any time if the situation demands,” he clarified.
He stressed that the country would now engage with global financial bodies differently through proactive and mutually beneficial partnerships.
“The difference now is that any future engagement will be proactive, not reactive and will also be based on partnership, not dependence,” Ogra said.
The cleared IMF debt is expected to ease some pressure on Nigeria’s economy and help foster investor confidence.
It also demonstrates the country’s willingness to manage its finances with “clarity, capacity, and credibility,” as noted by Ogra.
“Debt clearance today, reform momentum tomorrow. President Bola Tinubu will continue to prioritise long-term reforms with sound financial management for the benefit of our country and generations yet unborn,” he affirmed.
The development is not only a win for government policy but also a step toward giving the average Nigerian some breathing space in the face of economic uncertainty.
