The Federal Government has confirmed full payment of $3.4 billion loan received from the International Monetary Fund, IMF, during the COVID-19 pandemic.

The Minister of Information and National Orientation, Mohammed Idris, confirmed this while briefing State House correspondents on Monday after the Federal Executive Council, FEC, meeting in Abuja.

UGAMATV reports that the Nigerian government last week officially removed itself from the International Monetary Fund, IMF,’s debtor list, amid the full settlement of its outstanding credit obligations.

In May 2025, Nigeria no longer appears among the 91 developing nations with pending credit to the IMF, signaling the culmination of a two-year repayment initiative.

The journey towards clearing the debt reportedly started in 2023, when the nation’s IMF debt stood at $1.61 billion.

The debt, through disciplined fiscal reforms, steadily declined, reaching $472 million by January 2025, before being fully repaid by May of the same year.

The final settlement not only removes the burden of legacy debt but also strengthens Nigeria’s position on the global economic stage.

Meanwhile, Human Rights lawyer, Femi Falana, SAN, has called on the Economic and Financial Crimes Commission, EFCC, and the Independent Corrupt Practices and Other Related Offences Commission, ICPC, to investigate the alleged criminal diversion of the $3.4 billion loan obtained from International Monetary Fund, IMF, by Nigeria to fight the COVID-19 pandemic.

He made the call in a statement he signed on behalf of the Alliance on Surviving COVID-19 and Beyond, ASCAB, on Sunday.

The senior lawyer also called on the IMF board to probe alleged deliberate refusal of its management to ensure that the emergency funds were “used for their intended purposes“.

The human rights activist further urged the IMF to suspend the collection of the scheduled charges, including net charges, basic interest, and administrative fees, amounting to SDR 125.99 million (N275.28 billion) pending the conclusion of its investigation.