Just In: Nigeria Removed from List of Countries Indebted to IMF

– The International Monetary Fund (IMF) has removed Nigeria from its list of debtor countries.

– Country now better placed to strengthen fiscal credibility, says presidential aide, O’tega Ogra

In a report titled: ‘Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025,” obtained on the multilateral institution’s website yesterday, Nigeria was not listed among its debtors which has a total of 91 developing and least developed countries owing the Fund a total of $117,797,656,224 as at 6th of May 2025.

Total IMF credit outstanding refers to the total amount of unpaid and outstanding principal due to the Fund from its member countries. This includes both outstanding loans under current arrangements and those that have expired.

When contacted on the development yesterday, a top IMF official in Washington DC, who pleaded to remain anonymous, told THISDAY they were trying to confirm the reports, pointing out that Nigeria borrowed a rapid finance loan during the pandemic.

However, StatiSense, a data company which also confirmed on its X handle yesterday that Nigeria was no longer listed on the list of countries indebted to IMF, revealed that as at July 28, 2023, Nigeria was owing the Fund $1.61 billion, this was reduced to $1.37 billion as at January 5, 2024; $933.03 million as at July 10, 2024; $472.06 million as at January 8, 2025, before it was finally settled this month.

It was learnt that the value was converted from Special Drawing Rights (SDR), an international reserve asset created by the IMF to supplement the official reserves of its member countries, to US dollars.

In a post on his X handle, Senior Special Assistant to the President on Digital Engagement, Strategy, and New Media, O’tega Ogra, said the development was a signal of discipline, reform, and strategic reset by the Tinubu-Shettima administration in restructuring “our finances to enable us to be better placed for a prosperous future.”

He added: “As Nigeria closes the chapter on these legacy debt obligations, we are better placed to strengthen our fiscal credibility and show the world, and ourselves, that Nigeria is serious about managing our economy with responsibility and vision.

“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. This is definitely not a door slammed shut.

“Why? Because global partnerships like the IMF remain valuable allies, especially in a world defined by volatility and uncertainty. The difference now is that any future engagement will be proactive, not reactive, and will also be based on partnership, not dependence. 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. Nigeria is rising with clarity, capacity, and credibility, and this is why you should take a #BetOnNigeria.”

The IMF recently commended Nigeria’s ongoing economic reforms, describing them as bold measures that have helped stabilise the economy and laid the groundwork for future growth.

The IMF, in its recent 2025 Article IV Consultation Mission to Nigeria, last month, by a team led by Axel Schimmelpfennig, stated: “The Nigerian authorities have taken important steps to stabilise the economy, enhance resilience, and support growth. These reforms have put Nigeria in a better position to navigate the external environment.

“The macroeconomic outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.

“Macroeconomic policies need to further strengthen buffers and resilience, reduce inflation, and support private sector-led growth.”

Schimmelpfennig in the statement had noted that the cessation of deficit financing by the CBN, the removal of costly fuel subsidies, and improvements in the foreign exchange market were major policy shifts that signaled a commitment to reform.

He stated: “The Nigerian authorities have taken important steps to stabilise the economy, enhance resilience, and support growth. The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies were removed, and the functioning of the foreign exchange market has improved.”

N5.7 Billion Yobe Water Project Plagued by Allegations of Fraud, Negligence

Sahara Weekly Reports That a controversial water project in (Filin tanda) Bade local Government of Gashua Yobe State, initially intended to provide clean drinking water, has become a focal point of public outrage and accusations of corruption. The project, purportedly aimed at replacing a former children’s play area (referred to as “sling swing”) with a functional water supply system, is now facing severe criticism regarding its execution and financial management.

The project is linked to Senator Ahmed Ibrahim Lawan, the former President of the 9th Senate and current Yobe North Senator. Senator Lawan’s long tenure in the parliament, spanning approximately 30 years, has drawn scrutiny, with some residents claiming that his career is marked by a lack of substantial developmental achievements.

“This used to be the place we played sling swing (Lilo) as kids… This guy, who spent about 30 years in office, making me as old as his incumbency, who has zero projects that go beyond a hundred million Naira, was once even the president of the Senate! What a monumental failure his entire career must be!” lamented a source.

Adding fuel to the controversy, Senator Lawan’s alleged ambition to contest in the 2027 gubernatorial elections has been met with skepticism. Critics express concern about the potential for further mismanagement and wasted resources, citing a pattern of “classical stupidity” among the electorate.

The accusations of fraud and negligence are particularly focused on the handling of the project’s funds. Sources, including Usman Umar Nagona and Habu Nawi Katuzu, have raised serious allegations: “5.7 Billion water fraud, jama’a ku tayani dubawa a ina 500M ta mutu anan? And that former Senate president, Senator Ahmed Ibrahim Lawan, must come out boldly. Meanwhile, the work has not even reached 40% completion… The quality is substandard, timelines are completely ignored, and there’s a clear lack of accountability.”

The total budget for the water project is reported to be 5.7 billion Naira, with concerns that 500 million Naira is unaccounted for, despite the project’s completion rate being less than 40%. The reports of substandard quality, missed deadlines, and a lack of transparency have intensified calls for an investigation into the project’s management.

According to Usman Umar Nagona and Habu Nawi Katuzu, “the Yobe State Executive Governor, His Excellency, Hon. Mai Mala Buni Chiroman Gujba CON refused to attend the commissioning of the project because he knew it was a fraud”.

The controversy surrounding the water project has raised questions about Senator Lawan’s legacy and his suitability for higher office, and the Gashua people want to protest against the project if actions are not taken.

As Yobe State approaches the 2027 elections, the allegations of fraud and negligence in this project are likely to play a significant role in the political discourse.

A wave of unity and purpose has swept across Remoland as traditional rulers, political leaders, and prominent stakeholders stand firmly behind the call for the creation of Remo State, a separate and sovereign entity within the Nigerian federation.

This bold declaration follows decades of marginalization and the failed attempt to co-create Ijebu-Remo State. Today, Remo leaders assert that their future lies in charting a distinct course—one anchored in their shared identity, cultural heritage, and economic potential. The proposed capital of the envisioned Remo State is Sagamu.

At the recent press conference held at the palace of the Akarigbo of Remoland, speakers emphasized that Remo is no longer aligning with the Ijebu in the state creation struggle. While expressing goodwill towards their Ijebu counterparts, the Remo delegation stated clearly that any arrangement that attempts to subsume Remo under another identity will be firmly rejected.

The Remo State proposal includes the local government areas of Sagamu, Ikenne, and Remo North, along with other Remo-speaking communities. With a strong industrial base, strategic proximity to Lagos, and the ongoing development of key infrastructure such as the Ogun Agro-Cargo Airport, Remo leaders believe their region is economically and administratively capable of sustaining a state.

Senator Otunba Gbenga Daniel (OGD), representing Ogun East Senatorial District, praised the initiative and pledged to foster peaceful dialogue between the Remo and Ijebu people. He acknowledged the strong leadership of the Remo Committee on State Creation and called for continued engagement across all levels.

Elder statesmen, including Chief S.K. Onafowokan and Dr. Yemi Ogunbiyi, lent their voices to the cause, calling for strategic diplomacy while reiterating Remo’s stance on autonomy.

Aare Dr. Kola Oyefeso, Chairman of the Remo State Creation Committee, reiterated that the campaign is peaceful, democratic, and people-driven. He assured that Remo would not accept any merger that erodes its identity and would prefer to remain within Ogun State rather than be annexed into an unfamiliar structure.

• As the movement gains momentum, calls are being made to all Remo indigenes, at home and in the diaspora, to support the cause through advocacy, representation, and resource mobilization.