IMF says Nigeria repays $3.4 billion COVID-19 funding

IMF says Nigeria repays $3.4 billion COVID-19 funding
Nigeria has repaid $3.4 billion in emergency funding it received from the International Monetary Fund (IMF) to help the country cope with the impact of the coronavirus pandemic five years ago, the global lender said on Thursday. (AFP/File)
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Updated 08 May 2025

IMF says Nigeria repays $3.4 billion COVID-19 funding

IMF says Nigeria repays $3.4 billion COVID-19 funding
  • In April 2020, the IMF provided the financing to help Nigeria
  • “Nigeria is expected to honor some additional payments,” Ebeke added

LAGOS: Nigeria has repaid $3.4 billion in emergency funding it received from the International Monetary Fund (IMF) to help the country cope with the impact of the coronavirus pandemic five years ago, the global lender said on Thursday.
In April 2020, the IMF provided the financing to help Africa’s largest oil exporter cope with a collapse in crude prices, which hit its finances and tipped the economy into recession.
IMF resident representative to Nigeria Christian Ebeke said in a statement that, as of April 30, the country had “fully repaid the financial support” it received under the Fund’s Rapid Financing Instrument, a facility that provides urgent balance of payments funding to member nations.
“Nigeria is expected to honor some additional payments in the form of Special Drawing Rights charges of about $30 million annually,” Ebeke added.
The most recent data from the Debt Management Office shows that Nigeria last year spent $4.66 billion to service its foreign debt, of which $1.63 billion was to the IMF.


Merz urges Zelensky to take ‘energetic’ steps against graft

Merz urges Zelensky to take ‘energetic’ steps against graft
Updated 3 sec ago

Merz urges Zelensky to take ‘energetic’ steps against graft

Merz urges Zelensky to take ‘energetic’ steps against graft
  • The Ukrainian government must “energetically advance anti-corruption measures,” Merz told Zelensky
  • Germany has been the second-most important supplier of aid to Ukraine

BERLIN: Germany expects Ukraine to do far more to fight graft, Chancellor Friedrich Merz told President Volodymyr Zelensky on Thursday after a major corruption scandal rocked Kyiv.
The Ukrainian government must “energetically advance anti-corruption measures and further reforms, particularly in the area of the rule of law,” Merz told Zelensky in a phone call, a statement from the chancellery said.
On Wednesday Zelensky fired his energy and justice ministers over a giant money-laundering scheme in the energy sector, which has been battered by Russian attacks for almost four years.
In the phone call Zelensky told Merz about the investigations into the scandal and “promised complete transparency, long-term support for independent anti-corruption authorities, as well as further swift measures to restore the trust of the Ukrainian population, European partners and international donors.”
Germany has been the second-most important supplier of aid to Ukraine since Russia launched its full-scale invasion in February 2022.
On Wednesday Merz’s spokesman Stefan Kornelius told reporters that Germany was “concerned” by the current scandal, especially as “it concerns a sector that has received significant support from Germany, namely energy infrastructure.”
Nevertheless Kornelius said it “will not affect payments from Germany.”
“At the moment, we have confidence in the Ukrainian government” to provide clarity over the scandal, Kornelius said, adding that there was “close communication” between Germany and Ukraine on the issue.