Nigeria has repaid $3.4 billion received from the International Monetary Fund under an emergency financing instrument to combat Covid-19.
The IMF representative in the country made the announcement in a statement on Thursday.
Nigeria turned to the IMF in April 2020 as its economy faltered due to the fall in oil prices amid the coronavirus pandemic.
Five years later, Abuja has finally cleared that debt. But the largest oil producer in sub-Saharan Africa still owes the Bretton Woods institution $30 million annually in fees related to Special Drawing Rights.
As early as 2014, Nigeria spent $4.66 billion on servicing its external debt, including $1.63 billion to the International Monetary Fund.
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