Nigeria, June 30 -- The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has confirmed that Nigeria has accessed the first $1.5 billion from its $5 billion financing arrangement with First Abu Dhabi Bank (FAB).

Mr Oyedele disclosed this while speaking to journalists after the Federal Executive Council (FEC) meeting in Abuja on Monday.

He said the financing facility, which had earlier received approval from the National Assembly, is intended to refinance expensive 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," ...