Tuesday, July 1, 2025
  • Homepage
  • Entertainment
  • Health & Lifestyle
  • News & Politics
  • Religion
VON Digest
  • HOME
  • NEWS
    • Education
    • News
  • Crime & Security
  • Politics
  • Sports
  • Health & Lifestyle
  • Religion
  • BUSINESS
  • EVENTS
No Result
View All Result
VON Digest
  • HOME
  • NEWS
    • Education
    • News
  • Crime & Security
  • Politics
  • Sports
  • Health & Lifestyle
  • Religion
  • BUSINESS
  • EVENTS
No Result
View All Result
VON Digest
No Result
View All Result
Home Politics

Nigeria to Pay Over N274bn in IMF Charges and Interest Amid Debt Concerns

Vanessa by Vanessa
May 8, 2025
in Politics
0
Nigeria to Pay Over N274bn in IMF Charges and Interest
7
SHARES
41
VIEWS
FacebookSTwitterLinkedinWhatsAppTelegram

Fresh data from the International Monetary Fund (IMF), released on April 30, 2025, shows that Nigeria is expected to pay SDR22.35 million in charges and interest this year. In total, the country owes SDR125.99 million in charges and interest.

According to the exchange rate on currency platform XE, one Special Drawing Right (SDR) equals N2,180. This puts Nigeria’s outstanding IMF charges at about N274.66 billion.

You might also like

MI Abaga Regrets Backing APC, Says Party Failed Nigerians

PDP Leadership Crisis Deepens as Factions Fix Conflicting NEC Meeting Dates

Peter Obi: I’ll honour one-term deal if coalition wants it

Future Payment Outlook

Nigeria’s projected payments to the IMF are expected to continue over the next four years:

2025: SDR22.35 million

2026–2027: SDR25.91 million each year

2028: SDR25.92 million

2029: SDR25.90 million

These figures exclude the principal repayments, which Nigeria began in 2023.

 

Loan History and Tinubu’s Role

The IMF debt originated in April 2020, when Nigeria secured a loan of SDR2.454 billion. From 2020 to 2022, the country only paid charges and interest:

2020: SDR13.22 million

2021: SDR25.88 million

2022: SDR25.89 million

Principal repayments began in 2023. That year, SDR613.63 million was paid, followed by SDR1.227 billion in 2024. Another SDR613.63 million is scheduled for 2025.

Since President Bola Ahmed Tinubu took office in 2023, his administration has overseen Nigeria’s debt servicing. As of April 30, 2025, IMF data confirms that scheduled principal repayments have been made. However, the country still owes SDR125.99 million in charges and interest.

 

Naira Depreciation Doubles IMF Debt

According to the Central Bank of Nigeria’s (CBN) 2024 financial report, Nigeria’s IMF debt rose sharply due to a weakening Naira. SaharaReporters stated that the debt increased from N2.5 trillion in 2023 to N5 trillion by the end of 2024. This was caused by significant foreign exchange losses.

The CBN noted that Nigeria now pays almost double in local currency to meet its IMF obligations.

 

Conflicting Claims from Officials

Presidential aides Bayo Onanuga and Dada Olusegun claimed that Nigeria had cleared its IMF debt. However, SaharaReporters disputed these statements. IMF records still list charges and interest as part of Nigeria’s “overdue obligations and projected payment funds.”

Even if the principal has been repaid, the weaker Naira means the country is spending more of its revenue to meet those obligations. As a result, the financial burden remains heavy.

 

Debt Servicing Cuts into Development Spending

Debt repayments continue to strain the national budget. A review of the January 2025 economic report showed Nigeria spent N696 billion on debt servicing that month alone. Combined with December 2024, the total hit N1.3 trillion.

This figure exceeds the monthly debt servicing budget of N689 billion. More concerning, the Central Bank reported that no funds were allocated for capital expenditure in January 2025. This reveals the growing impact of debt on Nigeria’s ability to invest in development.

Related

Tags: International Monetary Fund (IMF)President Bola Ahmed Tinubu
Vanessa

Vanessa

I'm a journalist and relationship columnist. Nigeria Media Merit (NMMA) 1st Runner Up Award Recipient. I'm passionate about arts, entertainment,marriage, religion and politics. I love giving back to society.

Related Posts

MI Abaga Regrets Backing APC, Says Party Failed Nigerians
Entertainment

MI Abaga Regrets Backing APC, Says Party Failed Nigerians

by Vanessa
June 30, 2025
PDP Leadership Crisis Deepens as Factions Fix Conflicting NEC Meeting Dates
Politics

PDP Leadership Crisis Deepens as Factions Fix Conflicting NEC Meeting Dates

by Vanessa
June 30, 2025
Peter Obi: I’ll honour one-term deal if coalition wants it
Politics

Peter Obi: I’ll honour one-term deal if coalition wants it

by Vanessa
June 30, 2025
Jonathan: I Was Advised To Leave Aso Rock Over Coup Rumours
Politics

Jonathan: I Was Advised To Leave Aso Rock Over Coup Rumours

by Vanessa
June 29, 2025
Fubara: No Sacrifice Too Big for Rivers’ Peace and Progress
Politics

Fubara: No Sacrifice Too Big for Rivers’ Peace and Progress

by Vanessa
June 29, 2025
Next Post
Obi Replies Sanwo-Olu Over Criticism

Peter Obi Fires Back at Sanwo-Olu, Defends His Comments on Nigeria’s Worsening Poverty Crisis

Read News in:

  • Agriculture
  • Business
  • Crime & Security
  • Education
  • Entertainment
  • Events
  • Health & Lifestyle
  • Lifestyle
  • News
  • Politics
  • Religion
  • Science & Technology
  • Society
  • Sports

Follow Us

Tweets by vondigest
Von Digest

Categories

  • Agriculture
  • Business
  • Crime & Security
  • Education
  • Entertainment
  • Events
  • Health & Lifestyle
  • Lifestyle
  • News
  • Politics
  • Religion
  • Science & Technology
  • Society
  • Sports

About This Site

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Use

© 2020 VON Digest - All Rights Reserved

No Result
View All Result
  • Homepage
  • Entertainment
  • Health & Lifestyle
  • News & Politics
  • Religion

© 2020 VON Digest - All Rights Reserved