Why Nigeria ignored IMF on $5bn UAE Loan – Oyedele

Nigeria’s minister of finance, Taiwo Oyedele, has explained why it did not put into consideration the advice of the International Monetary Fund on the $5 billion First Abu Dhabi Bank loan.
Speaking after the Federal Executive Council meeting on Monday, Oyedele confirmed Nigeria’s drawdown of $1.5 billion.
According to him, the federal government gets the loan in tranches to save borrowing cost.
“The approval for that loan went to the National Assembly, so everybody is aware of it.
“It’s for the refinancing of expensive debts and financing of infrastructure, as well as budgets. So, we don’t want to start making press releases each time we do a drawdown. It is not different from any...