The International Monetary Fund (IMF) on Thursday confirmed that Nigeria has fully repaid the $3.4 billion COVID-19 financial support it got under the Rapid Financing Instrument (RFI).
But despite the confirmation, the government is still indebted to the multilateral organisation to the tune of about $30m, which is the Special Drawing Rights (SDR) charges, Daily Trust can report.
The $30m equivalent of N48.2bn would be paid annually over a period of four years as charges on the loan. This would amount to over N190bn.
The SDRs are supplementary foreign exchange reserve assets defined and maintained by the IMF which represent a claim to currency held by IMF member countries for which they may be exchanged.
There have been mixed reactions over the claim of the full repayment of the IMF loan which the presidency has widely celebrated.
Senior Special Assistant to the President, Otega Ogra had posted a widely circulated post on X (formerly Twitter) account sharing the good news of Nigeria’s exit from the IMF debtors’ list.
