LAGOS: Nigeria has repaid $3.4 billion in emergency funding it received from the International Monetary Fund (IMF) to help the country cope with the impact of the coronavirus pandemic five years ago, the global lender said on Thursday.
In April 2020, the IMF provided the financing to help Africa’s largest oil exporter cope with a collapse in crude prices, which hit its finances and tipped the economy into recession.
IMF resident representative to Nigeria Christian Ebeke said in a statement that, as of April 30, the country had “fully repaid the financial support” it received under the Fund’s Rapid Financing Instrument, a facility that provides urgent balance of payments funding to member nations.
“Nigeria is expected to honor some additional payments in the form of Special Drawing Rights charges of about $30 million annually,” Ebeke added.
The most recent data from the Debt Management Office shows that Nigeria last year spent $4.66 billion to service its foreign debt, of which $1.63 billion was to the IMF.

KYIV: Russia and Ukraine both reported attacks on their forces on the first day of a 72-hour ceasefire called by Russian President Vladimir Putin, while Ukraine’s parliament unanimously approved a landmark minerals deal with the US.
The ratification is a key step in setting the deal in motion. It would allow Washington access to Ukraine’s largely untapped minerals, deepen strategic ties and create a joint investment fund with the US for the reconstruction of Ukraine.
Parliament approved the agreement with 338 members voting in favor out of the required 226 votes, Ukrainian lawmaker Yaroslav Zheleznyak wrote on his Telegram account. No lawmaker voted against it or abstained.
“This document is not merely a legal construct, it is the foundation of a new model of interaction with a key strategic partner,” Ukrainian Economy Minister Yuliia Svyrydenko wrote on X.

Russian bombs meanwhile struck northeast Ukraine in the opening hours of Moscow’s unilateral ceasefire, killing at least one civilian, Ukrainian officials said. Artillery assaults took place across the 1,000-kilometer (620-mile) front line, although with less intensity than in the previous 24 hours, officials said.
The ceasefire coincides with Russia’s biggest secular holiday, the 80th anniversary of victory over Nazi Germany. Kyiv has pressed for a longer-term ceasefire.
Putin on Thursday welcomed Chinese President Xi Jinping in the Kremlin. Xi, who Putin earlier described as “our main guest” at Friday’s Victory Day festivities, arrived in Russia on Wednesday for a four-day visit.
Both sides list attacks since the Moscow-declared truce
Ukrainian Foreign Minister Andrii Sybiha accused Russia of violating its own ceasefire 734 times between midnight and midday Thursday. He called the ceasefire a “farce” on the social media platform X.
He said Russia carried out 63 assault operations along the front line, 23 of which were still ongoing as of midday. Ukraine “responds appropriately” and is actively sharing information about the attacks with the U.S, the European Union and others. “We will not let Putin fool anyone when he does not even keep his own word,” Sybiha said.
Russian attacks also took place near Chasiv Yar in the Donetsk region on Thursday morning, a press officer of Ukraine’s 24th Mechanized Brigade, Oleh Petrasiuk, told The Associated Press via phone.
One person died and two were wounded when Russian forces dropped guided air bombs on residential areas near the border in the northeast Sumy region, the regional prosecutor’s office said.
Large-scale missile and drone attacks, which have been a near-daily occurrence in Ukraine in recent weeks, were not recorded since 8:30 p.m. Wednesday, Ukraine’s air force said.
Ukrainian President Volodymyr Zelensky had previously cast doubt on the ceasefire, calling it “manipulation” as US-led peace efforts stalled. “For some reason, everyone is supposed to wait until May 8 before ceasing fire — just to provide Putin with silence for his parade,” Zelensky said.
In March, the United States proposed a 30-day truce in the war, which Ukraine accepted, but the Kremlin has held out for ceasefire terms more to its liking.
Russia’s Defense Ministry meanwhile accused Ukrainian forces of attacking its positions and said its forces would continue to “mirror” Ukraine’s actions during the Kremlin’s ceasefire.
The regions of Belgorod, Lipetsk, Orenburg, Ryazan and Tambov came under a drone threat alert overnight, but there were no reports of any drones being shot down or intercepted. Russia’s civil aviation authority Rosaviatsia also briefly imposed restrictions on flights to and from the airport in Nizhny Novgorod.
Putin praises relations with Xi
In welcoming Xi, Putin said that “the brotherhood of arms between our peoples, which developed during the harsh war years, is one of the fundamental foundations of modern Russian-Chinese relations of comprehensive partnership and strategic cooperation.”
He added that Moscow and Beijing were developing ties “for the benefit of the peoples of both countries and not against anyone.”
Xi, in turn, said that “history and reality have fully proved that the continuous development and deepening of China-Russia relations is a necessity for the friendship between the two peoples from generation to generation.” He also called for safeguarding “international fairness and justice.”
Putin and Xi have met over 40 times and developed strong personal ties that bolstered the countries’ “strategic partnership” as both face tensions with the West.
China has offered robust diplomatic support to Moscow after its 2022 full-scale invasion of Ukraine and has emerged as a top market for Russian oil and gas, helping fill the Kremlin’s war coffers. Russia has relied on China as the main source of machinery and electronics to keep its military machine running after Western sanctions curtailed high-tech supplies.