Latest news with #ChristianEbeke
Business Insider
10-05-2025
- Business
- Business Insider
IMF clarifies Nigeria's debt status amid repayment claims, says $30m fee remains unpaid
The International Monetary Fund (IMF) has clarified that while Nigeria has made significant progress in settling its financial obligations, reports claiming the country has fully repaid its debts are inaccurate. The IMF clarified that while Nigeria has repaid its $3.4 billion emergency loan, reports of full debt repayment are inaccurate. Nigeria has an outstanding annual service fee of $30 million in Special Drawing Rights (SDR) related to its financial commitments. Nigeria's repayment was confirmed by the country's Finance Minister and reflected in the IMF's debtor list update. The IMF noted that although Nigeria has met part of its repayment obligations, a $30 million annual service fee remains outstanding, highlighting the country's continued financial commitments despite broader repayment progress. Nigeria, Africa's fourth-largest economy, repaid a $3.4 billion emergency loan borrowed from the International Monetary Fund (IMF) under the Rapid Financing Instrument (RFI), which was accessed in 2020 to cushion the economic impacts of the COVID-19 pandemic. The country's Finance Minister Wale Edun confirmed via text message on Thursday that Nigeria had repaid the loan in full, adhering to the agreed terms. Further confirmation of Nigeria's loan repayment came from the IMF's report 'Total IMF Credit Outstanding – Movement from May 01, 2025 to May 06, 2025, which indicated Nigeria's removal from the list of debtor countries on the institution's website. On the list, the West African nation was not among the global financial institution's debtors. The list included 91 developing and least developed countries that owed the Fund a total of $117,797,656,224 as of May 6, 2025. IMF clarifies Nigeria's status Following the development, IMF Resident Representative in Nigeria, Dr. Christian Ebeke, highlighted the fulfillment requirements for loan accounting under the Fund's Rapid Financing Instrument, which provides emergency balance of payments support to member countries. He noted an additional annual charge of approximately $30 million in Special Drawing Rights (SDR) fees that Nigeria is required to pay. ' Nigeria is expected to honor some additional payments in the form of Special Drawing Rights charges of about US$30 million annually. In line with the IMF's Articles of Agreements, these charges, levied at the SDR interest rate, which is updated at the beginning of each week, apply to the difference between Nigeria's SDR holdings (SDR 3,164 million) (US$4.3 billion) and its cumulative SDR allocation (SDR 4,027 million) (US$5.5 billion) ' Notably, Nigeria's total SDR charges for 2025 are expected to reach SDR 22.35 million (approximately $30.24 million), with payments scheduled for May, August, and November.
TimesLIVE
09-05-2025
- Business
- TimesLIVE
Nigeria has repaid R61bn Covid-19 funding, says IMF
Nigeria has repaid $3.4bn (R61.82bn) 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 honour some additional payments in the form of Special Drawing Rights charges of about $30m [R545.4m] annually," Ebeke added. The most recent data from the Debt Management Office shows that Nigeria last year spent $4.66bn (R84.72bn) to service its foreign debt, of which $1.63bn (R29.64bn) was to the IMF.
Yahoo
08-05-2025
- Business
- Yahoo
IMF says Nigeria repays $3.4 billion COVID-19 funding
LAGOS (Reuters) -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 honour some additional payments in the form of Special Drawing Rights charges of about US$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.
The Star
08-05-2025
- Business
- The Star
IMF says Nigeria repays $3.4 billion COVID-19 funding
A man walks past the International Monetary Fund (IMF) logo at its headquarters in Washington, U.S., May 10, 2018. REUTERS/Yuri Gripas/File Photo LAGOS (Reuters) -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 honour some additional payments in the form of Special Drawing Rights charges of about US$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. (Reporting by MacDonald Dzirutwe; Editing by Alex Richardson)
Arab News
08-05-2025
- Business
- Arab News
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 addedLAGOS: 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 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 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 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.
