IMF counsels FG against $5bn UAE swap deal

The International Monetary Fund (IMF) has advised the Nigerian federal government against the proposed $5 billion Total Return Swap (TRS) External Financing Programme with First Abu Dhabi Bank. During the Nigeria 2026 Article IV briefing, IMF Resident Representative Christian Ebeke warned of hidden charges that would disadvantage the country. He noted that Nigeria has market access and could issue Eurobonds or borrow from concessional sources instead. The IMF also recommended tax rate increases over the medium term to strengthen Nigeria's fiscal position.