Nigeria has made substantial progress in repaying its International Monetary Fund (IMF) debt, paying $1.22 billion over three consecutive quarters from late 2023 to mid-2024. The payments have dramatically reduced the country's outstanding debt to the IMF.

The debt repayment breakdown shows:

- Q4 2023: $401.73 million

- Q1 2024: $409.35 million

- Q2 2024: $404.24 million

These payments have resulted in a significant reduction of Nigeria's IMF debt, dropping from $3.26 billion in June 2023 to $1.16 billion by June 2024 – a 64.42% decrease within one year.

The loan originated in April 2020 when the IMF disbursed $3.4 billion in emergency financial assistance to help Nigeria address economic challenges caused by the COVID-19 pandemic and a sharp decline in oil prices. The loan was approved under the Rapid Financing Instrument with a five-year tenor and a two-year moratorium.

According to the Central Bank of Nigeria's (CBN) 2022 financial statements, the loan carries an interest rate of 1% per annum, with the CBN responsible for loan repayments.

President Bola Tinubu's administration is expected to pay a total of $3.19 billion to the IMF, with the previous administration likely having paid around $320 million.

The repayment schedule includes:

- 2024: $1.76 billion (principal and interest)

- 2025: $865.27 million

- 2026 and 2027: $33.99 million per year (interest only)