On April 21 Nigeria made its final buyback payment to its bilateral creditors, completing the wipe-out of more than 80% of its debts. In the end, Nigeria paid $12 billion in cash -- out of the more than $34 billion saved so far from higher oil prices -- in order to buy back $30 billion in debt, an overall 60% discount.
CGD Policy Blogs
The IMF announced today that it has completed its review of Nigeria’s policy support instrument (PSI). The Fund was laudatory, including a quote from first deputy MD Anne Krueger:
“Looking ahead, the authorities are committed to continue the ambitious macroeconomic and structural policies to entrench macroeconomic stability, strengthen public financial management, and reduce the costs of doing business further”