Many Nigerians have taken to the social media pages of the First Abu Dhabi Bank (FAB) of the United Arab Emirates, urging the financial institution not to approve a proposed $5 billion loan arrangement for the Nigerian government.
The online backlash follows concerns raised by the International Monetary Fund (IMF) over the planned financing deal between Nigeria and the UAE-based lender.
During the presentation of the IMF’s 2026 Article IV Consultation Report on Nigeria on Tuesday, the Fund warned against proceeding with the proposed borrowing arrangement, which is expected to be structured under a Total Return Swap (TRS) financing model.
Speaking at the event, the IMF Resident Representative in Nigeria, Christian Ebeke, described the arrangement as potentially risky and lacking sufficient transparency.
According to Ebeke, financing structures such as Total Return Swaps can expose countries to significant financial vulnerabilities, especially when underlying asset values fall or exchange rates move against expectations.
The IMF cautioned that such arrangements may create hidden risks for countries already battling debt challenges.
The warning comes as Nigeria continues to face rising debt obligations, high inflation, and growing economic hardship, issues that have fueled public frustration over additional borrowing.
Following reports of the proposed deal, hundreds of Nigerians stormed the bank’s social media platforms, insisting that the lender should reject any request for fresh loans from the administration of President Bola Tinubu.
Some commenters argued that previous borrowings have not translated into meaningful improvements in the lives of ordinary citizens, while others claimed the country’s resources are sufficient if properly managed.
One X user, identified as OLUWA SEUN, wrote: “Don’t borrow Tinubu money, we don’t need money, we are rich in our country.”
Another user, Charles Stigberg, appealed directly to the bank: “We heard you want to borrow money to @officialABAT the president of Nigeria for Nigerians, note that there is no meaningful reason for that, if you borrow that money to him, Nigerians are not to be held accountable for it. note that over 200million Nigerians aren’t in support.”
A user identified as Mr Goodwill also warned the bank against approving the facility, writing: “Please you guys should not borrow Nigeria government any money the government are not spending the money in Nigeria we the cities are telling you guys should stop to avoid issue in the future and to avoid war with us🇳🇬🇳🇬🇳🇬🇳🇬 we Nigeria 🇳🇬 are warning you guys.”
In another post, the same user added: Public commentary on platforms like X and Instagram reflects a deep fatigue over Nigeria’s debt profile, with citizens warning the bank that they will not be held accountable for the funds.
“We have evidence that we told you guys not to borrow money to the Nigerian government. We want you guys so that if you guys borrow the money to Nigeria and they could not pay back the world will know that we told you guys should stop and there is war between us with you guys.”
Another commenter, Aplux, expressed concern over Nigeria’s growing debt burden, saying: “@FABConnects we’re not interested in getting a loan… Don’t borrow Nigeria anymore money.. Our future is already bleeding from the past loans 😭”
The reactions reflect growing public concern about Nigeria’s debt profile, which has expanded significantly in recent years amid efforts by successive governments to finance infrastructure projects, budget deficits and economic reforms.
As of now, neither the Nigerian government nor the First Abu Dhabi Bank has publicly responded to the social media campaign urging the bank to halt the proposed loan arrangement.
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