Nigeria spent N696 billion on debt servicing in January 2025 alone.
Nigeria still owes the International Monetary Fund (IMF) SDR125.99 million in charges and interest, according to IMF data published April 30, 2025. This amounts to N274.66 billion at the current exchange rate of N2,180 per SDR, per XE currency conversion.
While principal repayments began in 2023, and the country has met its obligations, interest charges remain. Scheduled interest for 2025 is SDR22.35 million, rising to SDR25.91 million in 2026 and 2027.
SaharaReporters, citing the Central Bank of Nigeria’s (CBN) 2024 report, said Nigeria’s IMF debt burden doubled to N5 trillion by December 2024 due to naira depreciation.
They emphasized: “Even if the principal was repaid, the weakened value of the Naira significantly increased the financial burden on Nigeria.”
Presidential aides Bayo Onanuga and Dada Olusegun disputed the report, claiming the debt had been cleared.
In January 2025 alone, Nigeria spent N696 billion on debt servicing, exceeding the N689 billion budgeted, with zero allocation for capital expenditure.