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Just In: Nigeria Removed from List of Countries Indebted to IMF
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.”
More than ₦3 billion was targeted, but about ₦677 million reached the culprits, with recovery and prosecutions underway, reflecting how banks are responding to more sophisticated fraud risks.
Nigeria’s expanding digital banking sector is facing increasingly sophisticated fraud attempts, as financial institutions adapt to faster transactions and broader online services.
A recent case involving First City Monument Bank (FCMB), linked to fraudulent activity detected in December 2025, has drawn attention to how banks are responding to such incidents, with a focus on limiting exposure, recovering funds and working with law enforcement.
According to findings referenced in proceedings before the Lagos State Special Offences Court, the incident involved unauthorised transactions tied to a digital product. Early reports erroneously suggested more than ₦3 billion was lost. Subsequent clarification shows that over ₦3 billion was targeted, ₦2.4 billion was blocked and recovered, while ₦677 million got into the possession of the culprits. This outcome reflects the bank’s cyber security and monitoring capabilities, as well as improved collaboration among regulated financial institutions and with law enforcement agencies. Several suspects and beneficiaries have been apprehended, while recovery and prosecution efforts are ongoing, led by the Economic and Financial Crimes Commission (EFCC).
Proceedings at the Lagos State Special Offences Court have resulted in convictions, including that of a repeat offender, with restitution orders issued. Related matters are also being handled at the Federal High Court in Lagos, where additional suspects are being tried in connection with the scheme. This process is aimed at ensuring that bad actors are identified and permanently blacklisted from the financial system.
Authorities say recovery efforts are continuing as additional funds are traced.
Analysts note that the pace of legal action reflects closer coordination between financial institutions and enforcement agencies in addressing cyber-related financial crime.
The case comes as banks contend with more complex fraud methods, including social engineering and automated exploitation of system processes.
As digital products and platforms expand, so too does the risk associated with cyber-crime and related fraud.
“The scale of digital banking means risks are evolving alongside the systems,” said a Lagos-based financial analyst. “Institutions are now judged by how they manage these events.”
Observers say the sector is moving toward a stronger focus on response and recovery, rather than prevention alone.
This includes improving monitoring capabilities, strengthening transaction controls and enhancing collaboration with regulators and law enforcement. The FCMB case, with limited exposure relative to the amount targeted and ongoing recovery, reflects that shift.
For customers, the primary concern is the safety of their funds. In this case, there has been no indication of losses affecting customer deposits. Maintaining that level of protection remains central to sustaining trust in the financial system.
Nigeria’s financial sector continues to grow, supported by digital innovation and expanding access to banking services.
However, analysts say fraud attempts are likely to persist as systems become more complex and interconnected.
They say institutions will increasingly be judged not only on their ability to prevent incidents, but on how effectively they respond and recover when they occur.
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Ex-APC Deputy Guber flag bearer, Joshua MacIver backs Tinubu, express fears over implosion in Bayelsa APC
….congratulates new State Party Chairman, Warman Ogoriba
APC Deputy Governorship Candidate in the 2023 general elections in Bayelsa State, Great Joshua MacIver has declared his total commitment to the re-election of President Bola Tinubu come 2027, declaring that the Tinubu re-election project is non-negotiable.
Great Joshua MacIver, in his statement titled ” BAYELSA APC CONGRESSES: GOING FORWARD, A CALL TO LOOK INWARDS” and made available to newsmen in Yenagoa, warned APC leaders in the state to look Inward and take note of certain factors which may hinder or cut short our victory.
According to Great Joshua MacIver, such noticeable pitfalls include the imbalance in the united front being put up by the State Governor,Senator Douye Diri among various political blocs in the state.
In the statement issued at the weekend. Great Joshua MacIver stated that “First, before His Excellency, Senator Douye Diri, joined the APC in the state, there were clearly two political blocs that made up the party, with the approximate population ratios of the blocs standing at 95% to 5%.”
“After the entrance of His Excellency, Senator Douye Diri, ONLY THE SMALLER BLOC IS BEING CARRIED ALONG IN THE AFFAIRS OF THE PARTY, leaving the greater percentage to their fate, and this situation has the potential to build anger and dissatisfaction in our dear party.”
” The consequence of this has been the high level defection we have witnessed in the party recently and we believe more may likely follow, if we do not put our house in order.”
” If we do not pull together as a party, we may witness a situation where we will lose key stakeholders, especially after the State and National Assembly Primaries as well the Gubernatorial Primaries.”
“Finally, while it is very clear that we are the party to beat in the 2027 elections and that our loyalty to Mr. President IS NON-NEGOTIABLE, we must make haste to say that we cannot afford to create situations or loopholes in our unity which will be exploited by other political interests in the state. We cannot afford to under-rate anyone.”
“Our core interest remains the re-election of Mr. President, a project to which we have committed our all. We also pledge our total loyalty to the party as we have no alternative to the APC. However, our concern is that we must, as a party, look inwards and ensure that we do not create loopholes that can impede our common goal.”
Great Joshua MacIver, however congratulated the newly elected State Executives of the APC in Bayelsà State led by Hon. Warman Ogoriba, saying their emergence is welcomed at this critical time in our national history.
At least 23 people were killed in a series of suspected suicide bombings, police in Nigeria’s northeastern city of Maiduguri said on Tuesday.
https://www.stanbicibtcbank.com/nigeriabank/personal/products-and-services/all-loans/stanbic-ibtc-mreif-home-loans
More than 100 other people were injured in the blasts that took place on Monday evening in the capital of Nigeria’s restive Borno state.
No group has claimed responsibility for the suspected attacks.
The deadly blasts come after a military post was attacked overnight Sunday to Monday, which authorities blamed on suspected Islamist militants.
This sad incident is coming barely two weeks after Primate Elijah Ayodele, the Leader of INRI Evangelical Spiritual Church specifically warned against attacks in some states. He mentioned these states while calling on security operatives to pay close attention to them.
These were his words:
“Another attack is coming up in these following states where the military must watch carefully and intelligently; Kano, Kaduna, Zamfara, Kebbi, Niger, Borno, Kwara and Kogi state. They want to do a deadly attack, it’s preventable but it depends on how they will handle it. I have told you about the danger coming up.”
@primateayodele
Unfortunately, some of our military agencies don’t believe spiritual intelligence can save the country from so much danger hence, their neglect of this prophetic warning but now, it has been fulfilled with the miliary losing credibility by the day while Primate Ayodele continues to gain momentum.
Likewise, At least 26 passengers and crew sustained varying degrees of injuries on Monday following an accident involving the Kaduna–Abuja train, according to the Nigerian Railway Corporation (NRC).
Opeifa explained that the train departed Rigasa in Kaduna at 7:15 a.m. and was approaching Asham station around 9:16 a.m. when a loud bang was heard after the power car and trailing locomotive collided with one of the passenger coaches.
In July 2025, Primate Ayodele asked nigerians to pray not to see train mishap on the Kaduna-Abuja route.
@primateayodele #nigeriantiktok🇳🇬 #fulfillment #train #abuja #primateayodele
“Let’s pray not to see train mishap in Abuja-Kaduna, Kaduna-Abuja route.”
This has also been fulfilled.
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