“Proof Of Reform And Fiscal Discipline Under Tinubu-Shettima Govt” – O’tega Ogra On IMF Debt Clearance

In a major leap toward fiscal responsibility and economic sovereignty, Nigeria has completed the full repayment of its outstanding credit to the International Monetary Fund (IMF), marking the first time in years that the country is no longer listed among the Fund’s debtor nations.

This milestone, confirmed through official IMF data and backed by independent verification from StatiSense, a data analytics firm, has been hailed by the Presidency as a defining moment in Nigeria’s economic evolution.

At the heart of the reaction to this development was O’tega Ogra, Senior Special Assistant to President Bola Tinubu on Digital Engagement, Strategy, and New Media. In a statement that reflected both pride and foresight, Ogra described the debt clearance as “a signal of discipline, reform, and strategic reset by the Tinubu-Shettima administration.”

According to him, the move forms part of a broader agenda to realign Nigeria’s financial architecture, not just to solve current challenges, but to lay a resilient foundation for future prosperity.

“As Nigeria closes the chapter on these legacy debt obligations,” Ogra noted, “we are better placed to strengthen our fiscal credibility and show the world, and ourselves, that Nigeria is serious about managing our economy with responsibility and vision.”

Nigeria had owed the IMF over $1.6 billion as recently as mid-2023, largely stemming from a rapid financing facility accessed during the COVID-19 pandemic. However, through a series of payments over the last 18 months — shrinking from $1.37 billion in early 2024 to $472 million in January 2025 — the country quietly but steadily met its obligations. By May 6, 2025, IMF reports no longer listed Nigeria among its 91 debtor countries, which collectively owe over $117 billion.

The Presidential aide clarified that while Nigeria’s debts to the IMF have been cleared, the door remains open for future engagements. “Does this mean no more business with the IMF or other foreign lenders? No!” he emphasized. “Nigeria still remains a member of the IMF and can approach it at any time if the situation demands.”

However, he stressed that any future interactions with multilateral institutions would be on different terms. “The difference now is that any future engagement will be proactive, not reactive, and will also be based on partnership, not dependence. Debt clearance today, reform momentum tomorrow.”

This reset comes as part of a broader strategy to restructure the country’s economic fundamentals.

Recent praise from the IMF itself in its 2025 Article IV Consultation echoes this. The Fund commended Nigeria for bold reforms, including the cessation of central bank deficit financing, the removal of fuel subsidies, and foreign exchange market liberalization.

These changes, spearheaded under President Tinubu, were acknowledged as efforts that have not only stabilized the economy but also increased its resilience to external shocks.

“The Nigerian authorities have taken important steps to stabilise the economy, enhance resilience, and support growth,” said Axel Schimmelpfennig, head of the IMF mission team.

Ogra’s reflections mirror the sentiment of a government striving not just to recover from economic uncertainty, but to define a new trajectory marked by prudence and confidence. “President Bola Tinubu will continue to prioritise long-term reforms with sound financial management for the benefit of our country and generations yet unborn,” he affirmed.

In closing, Ogra issued a rallying call: “Nigeria is rising with clarity, capacity, and credibility, and this is why you should take a #BetOnNigeria.”

With its IMF debts now in the past and an ambitious reform agenda ahead, Nigeria is repositioning itself not as a borrower scrambling for bailouts, but as a sovereign economy charting a deliberate, visionary course toward sustainable development and global credibility.