FG Confirms $1.5bn Drawdown from UAE Facility, Says Staggered Borrowing Will Lower Debt Costs Nume Ekeghe The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has confirmed that Nigeria has drawn the first
$1.5 billion under its $5 billion financing arrangement with First Abu Dhabi Bank (FAB), explaining that the government deliberately structured the facility to reduce borrowing costs by accessing
funds only when required. Speaking on the sidelines after the Federal Executive Council (FEC) meeting in Abuja yesterday, Oyedele said the facility, which had received legislative approval,
was designed to refinance costly debt, fund infrastructure projects and support budget implementation. “The approval for that loan went to the National Assembly, so
everybody is aware of it. It’s for refinancing of expensive debts, financing of infrastructure, as well as budgets. So, we don’t want to start making press releases each time we do a draw down. It is not
different from any other loan,” he said. His remarks constitute the first official confirmation of the initial Continued on page 8
Agbakoba: State Police Can Become Tools of Oppression Without Crucial Safeguards... Page 18 Tuesday 30 June, 2026 Vol 31. No 11405. Price: N400
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At Inauguration of More Road Projects, Tinubu Says His Government was Reflating Local Economy Says administration fulfilling promise to uplift living standards of Nigerians Returns to Karu, inaugurates roads, one week after water supply project, says it’s part of urban decongestion
Deji Elumoye in Abuja
President Bola Tinubu has
inaugurated newly rehabilitated and expanded roads from Karu Interchange to Customs Clinic
Junction, in Abuja, including other vital adjoining roads, saying his administration is not just laying
asphalt but injecting life back into the country’s local economy. The inaugurations came a week
after Tinubu opened the satellite town water network in the same Karu district.
The president, who was Continued on page 8
Oyedele: We’re Working with Petrol Marketers, Regulators on Appropriate Fuel Pricing
Vows to ensure fairness in downstream petroleum sector FEC approves new reforms of NYSC, to be headed by civilians Includes professional training for corpers to boost their employability Okays N2.078tn for road projects in 10 states, N34.398bn for construction of Gboko airstrip Approves N286bn for maritime infrastructure, safety projects Story on page 8
DANGOTE DISCUSSING HIS COMPANY’S VISION 2030...
L–R: His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO; Alhaji Aliko Dangote; His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates; and Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi