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. [...]