Minister of Information and National Orientation, Mohammed Idris, has revealed that Nigeria’s fully repaid the $3.4 billion COVID-19 loan obtained from the International Monetary Fund (IMF).
He added that the repayment has significantly bolstered the country’s credibility on the international stage.
He made this known while speaking on Monday after the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu in Abuja, Idris said the repayment was made under Tinubu’s directive, reflecting his belief that government is a continuous enterprise.
According to the minister, the successful repayment has also enhanced investor confidence in Nigeria’s commitment and capacity to fulfill its financial obligations.
“President Tinubu believes that government is a continuum. In line with that philosophy, he gave clear instructions that Nigeria must exit the IMF facility. I am pleased to report that the $3.4bn debt has now been paid in full.
“This move has boosted our credibility globally. It reassures foreign investors of Nigeria’s capacity to meet its debt obligations and improves our rating across international financial platforms.
“I saw some cynicism in some quarters questioning whether this is true. I can confirm it: the debt has been paid in full.”
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