FG Refuses to Publish Details of $5bn Abu Dhabi Loan

Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, announced that the Federal Government of Nigeria will not disclose details regarding the spending of funds from its $5bn financing facility with First Abu Dhabi Bank. During a media briefing in Abuja, he argued that the transaction, which was approved by the National Assembly on March 31, 2026, has faced unnecessary scrutiny.

The government recently drew approximately $1.5bn as the first tranche of this facility, which aims to support the 2026 budget, infrastructure projects, and refinance existing debt. Oyedele questioned why this particular loan was receiving special attention compared to other funding sources like the World Bank and Eurobond.

He emphasized that the loan was approved through proper channels and that the government is accessing the funds in phases to minimize costs. The financing arrangement differs from traditional fixed-rate borrowing, featuring a flexible interest rate.