By Yahaya Sule, Abuja
Data from the Debt Management Office has shown that Nigeria has serviced its debt to the International Monetary Fund with not less than $1.22 billion over nine months.
The payments were made as part of principal repayments for three consecutive quarters, from Q4 2023 to Q2 2024.
The breakdown of the payments shows that $401.73m was paid in Q4 2023, followed by $409.35m in Q1 2024, and $404.24m in Q2 2024, amounting to a total of $1.22bn.
As a result of these repayments, Nigeria’s debt to the IMF has decreased significantly, dropping from $3.26bn as of June 2023 to $1.16bn by June 2024.
This reflects a substantial reduction of 64.42 per cent within one year.
It was earlier reported that the current administration of President Bola Tinubu is expected to pay off a $3.4bn owed to the International Monetary Fund during his tenure.
The Punch