Eric Patrick
The Worldwide Financial Fund has introduced that Nigeria has lastly repaid your entire $3.4 billion it acquired by means of the Speedy Financing Instrument, which was designed to mitigate the {economic} results of the COVID-19 pandemic.
In an announcement despatched to journalists on Thursday on behalf of Mr Christian Ebeke, the IMF Resident Consultant for Nigeria, the Fund mentioned the reimbursement was accomplished on April 30, 2025.
The mortgage, disbursed in April 2020, was aimed toward serving to Nigeria handle a pointy fall in oil costs, {economic} contraction, and monetary pressures attributable to the pandemic.
“As of April 30, 2025, Nigeria has absolutely repaid the {financial} help of about $3.4bn it requested and acquired in April 2020 from the Worldwide Financial Fund beneath the Speedy Financing Instrument to assist alleviate the impression of the COVID-19 pandemic and the sharp fall in oil costs,” the IMF said.
Nonetheless, regardless of the complete settlement of the principal, Nigeria will nonetheless uphold its dedication to make extra annual funds related to Particular Drawing Rights expenses.
The Fund famous that the nation is predicted to make annual funds of about $30m in SDR-related expenses over the subsequent few years.
Based on the IMF, the costs are tied to the distinction between Nigeria’s SDR holdings, which at present stand at SDR 3,164m ($4.3bn), and its cumulative SDR allocation of SDR 4,027m ($5.5bn).
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The costs are levied on the SDR rate of interest, which is up to date weekly, and can proceed till Nigeria’s SDR holdings match the cumulative allocation quantity.
The assertion mentioned, “Nigeria is predicted to honour some extra funds within the type of Particular Drawing Rights expenses of about $30m yearly.
“According to the IMF’s Articles of Agreements, these expenses, levied on the SDR rate of interest, which is up to date at the start of every week, apply to the distinction between Nigeria’s SDR holdings (SDR 3,164 million) ($4.3bn) and its cumulative SDR allocation (SDR 4,027 million) ($5.5bn).
“The online fee of the costs stops when Nigeria’s SDR holdings attain the cumulative allocation quantity.”
Knowledge obtained from the IMF web site exhibits that Nigeria’s complete cost for 2025 is predicted to succeed in SDR 22.35m (roughly $30.24m), with funds scheduled throughout Could, August, and November.
