The Alliance for Economic Research and Ethics has called on the Federal Government to publish the material terms of its reported $5 billion Total Return Swap facility with First Abu Dhabi Bank.
The group said the transaction involved public institutions, collateral and repayment obligations and therefore required stronger public disclosure.
Its analysis followed the government’s presentation of an economic reform scorecard by the Minister of Finance and Coordinating Minister of the Economy.
The organisation said the scorecard provided useful information but argued that revenue, borrowing, projections and independently verified outcomes needed to be distinguished more clearly.
It noted that the government reported about N20.4 trillion in incremental federal resources associated with reforms.
That figure included approximately N5.43 trillion in the Federal Government’s estimated share of subsidy savings, N3.12 trillion in other incremental revenue and N11.85 trillion in additional borrowing.
The group stressed that borrowing represented financing rather than internally generated revenue.
It also examined reported additional expenditure pressures of about N30.64 trillion, including wage related costs, exchange rate effects on external debt service, infrastructure spending and electricity support.
The organisation acknowledged improvements in inflation direction, foreign reserves, foreign exchange market functioning and fiscal communication.
It nevertheless said slower inflation did not mean prices had fallen and pointed to continued pressure from food costs, weak household purchasing power and poverty.
The group reserved its strongest criticism for the level of information available about the Abu Dhabi facility.
It said the public should be able to see an authoritative summary covering the amount drawn, purpose, collateral, pricing, fees, drawdown schedule, margin call provisions, early termination triggers and use of proceeds.
The organisation said the absence of detailed disclosure did not itself prove illegality or misconduct.
It argued, however, that the structure of a Total Return Swap involved financing, derivatives and collateral risks that justified a dedicated disclosure framework.
It also said National Assembly approval should not replace continuing public accountability.
The group recommended quarterly utilisation and risk reports and called for the Debt Management Office, National Assembly and authorised oversight institutions to have access to underlying records.
It further urged government to continue macroeconomic reforms while improving social protection, public financial management and the quality of fiscal reporting.
The group said Nigeria had recorded genuine progress in some areas but warned that food insecurity, poverty, complex borrowing structures and weak disclosure remained significant challenges.
