The Federal Government has confirmed the full repayment of the $3.4 billion loan it received from the International Monetary Fund (IMF) during the COVID-19 pandemic.

Minister of Information and National Orientation, Mohammed Idris, made the disclosure on Monday while briefing journalists after the Federal Executive Council meeting at the State House, Abuja.

This development follows an IMF report last week confirming that Nigeria is no longer among the 91 developing countries with outstanding debt obligations to the Fund.

Analysts say the repayment marks a significant milestone in Nigeria’s fiscal recovery and positions the country favourably in the global economic arena.

The repayment journey began in 2023, when Nigeria’s debt to the IMF stood at $1.61 billion. By January 2025, the debt had reduced to $472 million, and was fully cleared by May 2025.

Meanwhile, human rights lawyer Femi Falana, SAN, has called for an investigation into the alleged diversion of the $3.4 billion loan. Speaking on behalf of the Alliance on Surviving COVID-19 and Beyond (ASCAB), Falana urged the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) to probe how the funds were utilised.

He also asked the IMF Board to investigate claims that its management failed to ensure the funds were used for their intended purpose. Furthermore, he requested a temporary suspension of all related charges, including SDR 125.99 million (about N275.28 billion), pending the outcome of an investigation.