By Dansu Peter The current administration of President Bola Ahmed Tinubu has repaid Nigeria's $1.22 billion to the International Moneta...
By Dansu Peter
The current administration of President Bola Ahmed Tinubu has repaid Nigeria's $1.22 billion to the International Monetary Fund (IMF) over nine months, according to data from the Debt Management Office (DMO). The repayments, covering three consecutive quarters, reflect the government’s commitment to servicing its external debts.
The DMO’s external debt service reports show that $401.73 million was paid in Q4 2023, $409.35 million in Q1 2024, and $404.24 million in Q2 2024, totaling $1.22 billion. This effort has reduced Nigeria’s debt to the IMF by 64.42%, from $3.26 billion in June 2023 to $1.16 billion by June 2024.
The repayments are part of the Tinubu administration’s broader fiscal strategy, as the government is tasked with clearing a $3.4 billion IMF loan during President Bola Tinubu’s tenure.
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