By Reno Omokri
Nigeria under President Bola Tinubu has completely, entirely, and paid off its debt to the International Monetary Fund, and we have been struck off the list of IMF debtor nations by the IMF itself, which confirmed this in an official release on its website, showing that Nigeria is not listed amongst IMF debtor nations. You can see that list here https://www.imf.org/external/np/fin/tad/balmov2.aspx?type=TOTAL
In the above list, while Argentina and Burkina Faso, the darlings of the opposition and fake news media, are heavily indebted to the IMF, Nigeria is not listed at all. But they praise Milei and Traoré and criticize President Tinubu.
However, despite this laudable achievement by President Tinubu, some media, particularly Daily Trust, Sahara Reporters, and one or two journalists on Arise TV, have dishonestly tried to misinform and disinform Nigerians by broadcasting to the nation that Nigeria has not exited the IMF debt overhang and instead owes the International Monetary Fund ₦190 billion, which is equivalent to $30 million.
As with all good Goebbelsian lies, there is an element of truth in this lie, but the truth is so little, and the lie is so enormous.
Nigeria does not owe any debt to the IMF. However, the International Monetary Fund has a line of credit called the Special Drawing Right. This amount is tied to a pool of funds totaling US$943 billion, which member nations can draw to manage monetary and fiscal crises in their country.
SDRS are usually but not exclusively funneled through a member country’s central bank.
However, to access this Special Drawing Right, you need to pay fees. Those fees are not debts because no loan has been made to you. They are just money you, as a nation, pay to access the SDR.
It is just like having an American Express credit card. Even if you do not use your AMEX card and draw on your Line of Credit, you still have to pay the annual membership fee.
Under the scenario above, nobody can accuse you of owing a debt if you do not pay your annual fee because it is not a loan. It is a membership. And if you do not pay, your line of credit is withdrawn.
Similarly, if Nigeria does not pay her SDR dues, our line of credit into that US$943 billion will be withdrawn.
This is completely different from a loan, in which if you do not repay it, your creditor forecloses on you and seizes your assets.
In light of the above facts, I urge all media outlets to suppress their political leanings and report on the news as objectively and honestly as possible.
In this instance, the objective truth is that Nigeria has paid off its entire debt to the International Monetary Fund.
The $30 million SDR fee is a recurring charge that Nigeria still has to pay even if her debt portfolio to the IMF is zero.
Reno Omokri
