FG Won’t Publish Details of $5bn Abu Dhabi Loan, Says Oyedele

The Federal Government says it will not publish specific details of how it plans to spend funds drawn from its $5 billion financing facility with First Abu Dhabi Bank.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Wednesday during a media briefing in Abuja.

Oyedele said the facility had been subjected to unnecessary scrutiny, stressing that it was approved by the National Assembly and structured to help the government refinance more expensive debt.

The Federal Government recently drew about $1.5 billion, representing the first tranche of the $5 billion Total Return Swap facility arranged with First Abu Dhabi Bank.

The facility was approved by the National Assembly on March 31, 2026, with the initial drawdown expected to support the 2026 budget, infrastructure projects and refinancing of existing debt obligations.

Responding to questions on whether details of the transaction would be made public, Oyedele said the government would provide information on its overall expenditure but would not publish specific details on the Abu Dhabi facility.

“We will not publish how we are spending it. We will publish how we spend government money. There’s nothing special about that loan,” he said.

The minister’s comments come amid concerns raised by the International Monetary Fund and Fitch Ratings over the transparency and risks associated with the financing structure.

Oyedele, however, defended the transaction, maintaining that the facility was part of the Federal Government’s broader debt-management strategy.