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

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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.

 

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

 

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.”

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Accountability Group Petitions National Assembly, Accuses Transport Minister of Selling Railway Assets as Scraps

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Centre Counters SERAP On Increased Budget For National Assembly*

 

A civil society organisation, Alliance for Public Asset Protection and Accountability (APAPA), has petitioned the National Assembly over what it described as a “coordinated and deliberate scheme” to strip the country’s railway system of valuable assets under the guise of scrap sales.

In a detailed petition submitted to Senate and the House of Representatives, the group accused the Minister of Transport, Sa’idu Ahmed Alkali, of conniving with officials of the Railway Property Management Company Limited (RPMCL) and handpicked consultants to unlawfully dispose of railway assets worth billions of naira without proper accountability.

The petition, signed by its president, Dr. Aminu Garba, described the activities of the ministry as a “brazen betrayal of public trust” and called for the immediate sack of the minister.

“We have credible intelligence that the Minister of Transport, in collusion with officials of the Railway Property Management Company Limited (RPMCL), has engaged private consultants to dispose of critical railway infrastructure without transparency or accountability,” the petition reads.

“These so-called consultants are not known to the public service. They were handpicked without competitive bidding, and their sole mission is to oversee the hurried sales of functioning railway equipment labelled falsely as scrap.

“Some of the locomotives and signalling systems being sold were acquired less than a decade ago and are still in good condition. These are not outdated machines — they are valuable assets.

“The buyers are mostly Chinese firms who, in collaboration with insiders, acquire these items at rock-bottom prices and ship them abroad. The Nigerian people gain nothing from these transactions.”

The group alleged that since Alkali’s appointment, the railway sector has recorded no meaningful progress. On the contrary, it said trains frequently break down in remote and dangerous locations, leaving passengers stranded and exposed to security threats.

“Instead of consolidating on the gains recorded under the Muhammadu Buhari administration, particularly in railway modernisation and safety, the current leadership of the Ministry of Transport is singularly focused on self-enrichment and clandestine deals at the expense of national development,” the group noted.

“In the last one year, the rail sector has regressed significantly. Trains now break down mid-journey in the middle of nowhere. There are no new coaches. No investment in safety. No innovation. Only secret asset sales and dubious scrap deals.”

The civic group further alleged that locomotives, steel tracks, signalling equipment, and other high-value railway infrastructure were being sold as scraps to Chinese companies and other private entities without due process or remittance of proceeds into government coffers.

“We find it disturbing that there is no visible reinvestment of proceeds from these so-called scrap sales. The Ministry has failed to provide any financial records showing inflows to the government purse,” the group added.

“Instead of improving rail safety and efficiency, the current administration of the Transport Ministry has made rail travel more dangerous and unreliable. The few trains in operation are poorly maintained and frequently stranded.

“We therefore demand the immediate sack of Minister Sa’idu Ahmed Alkali and a full public inquiry into the activities of the Railway Property Management Company Limited and the consultants involved in these suspicious transactions.”

The group also accused the minister of ignoring existing policies and bypassing the Bureau of Public Procurement (BPP) and Infrastructure Concession Regulatory Commission (ICRC), both of which are statutory agencies responsible for asset disposal and infrastructure concessions.

“This government cannot afford to look the other way while national assets are looted in broad daylight,” Dr. Garba stated.

In a message directed to the leadership of the Senate and House of Representatives, the group urged lawmakers to act swiftly to salvage what is left of Nigeria’s railway sector before it is stripped bare.

The CSO warned that it would mobilise civil society and initiate a nationwide campaign to expose the alleged rot if no action was taken within 30 days.

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Matico Sports Foundation To Reward Ogun State Athletes With Instant Cash During Gateway Games 2024

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Abeokuta — As part of its ongoing commitment to youth and sports development, the Matico Sports Foundation has announced an initiative to reward Ogun State athletes who finish among the top three in their events with instant cash prizes during the Gateway Games 2024.

The founder of the foundation, Mr. Oluwaṣeun Adebowale, commended the Ogun State Government, led by His Excellency, Prince Dr. Dapọ Abiodun, CON, for the successful hosting of the national sports festival. He noted that the foundation established with the core mission of empowering young talents through sports finds it especially important to support local athletes now that the festival is being held in Ogun State.

In his words, “As someone who has consistently supported and encouraged young talents in sports, I believe it’s only right to do even more now that my home state is hosting the games. Our athletes deserve motivation, and we are prepared to reward excellence instantly.”

The Matico Sports Foundation team will be present at various venues across the state including M.K.O.Sporting Complex , Alake Sports Centre, Ijebu-Ode, Ilishan, and others to present cash gifts to Ogun State athletes who secure podium finishes.

This initiative aligns with the vision of the Ogun State Government to promote sports as a tool for youth engagement and community development.

Mr. Adebowale further urged all Ogun State athletes to rise to the occasion and give their best, reminding them that their performance is not only a personal achievement but also a source of pride for the entire state.

God bless the Federal Republic of Nigeria.
God bless Ogun State.
God bless Obafemi Owode Local Government.

Oluwaseun Adebowale “MATICO” hails from Ajura Ward 04 in Obafemi Owode Local Government Area of Ogun State.

Media Contact:
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[email protected]
08074177801

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A Throne Beyond Borders: Ogiame Atuwatse III’s Visit Rekindles Itsekiri Diaspora Identity

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A Throne Beyond Borders: Ogiame Atuwatse III’s Visit Rekindles Itsekiri Diaspora Identity

A Throne Beyond Borders: Ogiame Atuwatse III’s Visit Rekindles Itsekiri Diaspora Identity

 

By George Omagbemi Sylvester

 

Sahara Weekly Unveils When Ogiame Atuwatse III CFR, the revered Olu of Warri, visited South Africa recently, it wasn’t merely a royal courtesy; it was a cultural revival and a historic reconnection with the Itsekiri diaspora. Hosted by the ever-dedicated Ugbajo Itsekiri South Africa Chapter, led by Mr. Eyitemi Jakpa (Olaga), and guided by the unwavering support of the Chapter’s Patron (Dr. Oritseweyinmi Anthony McNeil), the event became a symbol of unity, identity, and the resilience of tradition.

 

 

A Throne Beyond Borders: Ogiame Atuwatse III’s Visit Rekindles Itsekiri Diaspora Identity

 

 

For the first time, the Itsekiri diaspora in South Africa welcomed their monarch not through screens or stories but in flesh, spirit, and majesty.

 

 

 

“This is not a visit; it is a revival,” declared Chief Richmond MacGrey, the Ugiaga Nusi of Warri Kingdom, who commended the organizers and gave his blessings. “The king’s presence among us has rekindled our ancestral pride. I score Ugbajo Itsekiri South Africa 100% for this historic achievement.”

 

A Throne Beyond Borders: Ogiame Atuwatse III’s Visit Rekindles Itsekiri Diaspora Identity

 

Chief MacGrey was invisibly moved and affirmed his commitment to future engagements. “I will be in South Africa again when Ogiame returns next. May this be the beginning of deeper bonds between our homeland and our diaspora.”

 

 

A Community That Delivered

 

From airport reception to traditional festivities, every detail was meticulously arranged. The Ugbajo executives delivered not just an event, but an experience worthy of a revered king. Their coordination with South African officials, the Nigerian High Commission, and the Zulu nation, with their traditional groups, showcased the Itsekiri nation’s prestige.

 

A Throne Beyond Borders: Ogiame Atuwatse III’s Visit Rekindles Itsekiri Diaspora Identity

 

Dr. McNeil, a respected medical practitioner, academic, and cultural leader, was instrumental throughout the scenes. His vision has always been to fuse diaspora engagement with heritage preservation.

 

 

“Royalty is not just about tradition but about consciousness,” Chief Richmond MacGrey said.

 

 

“Ogiame’s visit reminds us who we are and, more importantly, who we must become. Our children must inherit pride, not confusion.”

 

 

The King’s Message: Build Where Your Roots Lie

 

A Throne Beyond Borders: Ogiame Atuwatse III’s Visit Rekindles Itsekiri Diaspora Identity

In his address, Ogiame Atuwatse III CFR emphasized a sacred duty: that all Itsekiris, no matter where they reside, must stay connected to Warri—not just emotionally but economically, politically, and spiritually.

 

“Let not distance dilute your duty,” Ogiame said. “Build where your ancestors lie. Let your success abroad be Warri’s gain, not its loss.”

 

This message echoed with urgency. The monarch’s visit was not a photo opportunity. It was a call to service, investment, and unity.

 

Chief Richmond MacGrey expanded on this during a panel session in his first visit to South Africa: “We must send more than remittances. We must send ideas, education, and influence. We must be intentional architects of Warri’s future.”

 

Cultural Diplomacy on Display

Ogiame’s engagement with the Zulu King, cultural leaders, and diplomatic stakeholders elevated the Warri monarchy’s standing beyond Nigeria. He symbolized Africa’s royal Legacy, dignified, enlightened, and forward-looking.

 

“Ogiame is not just the king of Warri,” said Chief MacGrey, “he is a son of the African soul.”

 

The cross-cultural respect on display proved that Nigerian traditional institutions still command immense global reverence when represented with clarity, class, and consistency.

 

Diaspora as Custodians of Identity

For Itsekiris living abroad, the challenges of assimilation are real. Culture fades. Language is lost. Roots blur. But this visit has sparked a revival. Parents brought their children. Songs were sung. Traditional attire returned. And most importantly, a generation saw their king walk among them.

 

“We are one people, one heritage, one destiny under one crown,” Ogiame declared to a cheering crowd.

 

Such words are not merely poetic; they are prophetic.

 

The synergy between Mr. Jakpa, Dr. McNeil, and their executive team is a textbook case of effective diaspora organizing. Through unity and devotion, they turned what could have been a routine courtesy into a historical homecoming.

 

“Leadership is not position, it is devotion,” Chief Richmond MacGrey said. “This team has shown uncommon devotion to our king, our people, and our future.”

 

A Model for Other Ethnic Diasporas

The success of this visit should inspire other Nigerian and African communities abroad. Culture must not be archived. It must be activated. The crown must not be hidden but must be honored.

 

Ogiame Atuwatse III’s visit to South Africa is now part of living Itsekiri history. It reminded the diaspora that no matter how far one travels, the crown travels with them.

 

With strong leaders and visionary minds like Dr. McNeil and organizational anchors like Mr. Jakpa (Olaga), the Itsekiri nation is not only surviving abroad, but it is thriving.

 

And as the drums of Warri echo across continents, one thing is clear:

 

A throne that commands love from across oceans is not just a symbol of tradition, it is a beacon of cultural immortality.

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