Fresh concerns are mounting regarding Nigeria’s five billion dollar Total Return Swap (TRS) facility with First Abu Dhabi Bank. Critics, including the Alliance for Economic Research and Ethics, are calling for greater transparency, noting that the government has yet to publish the term sheet or provide a breakdown of how the funds are being utilized. While the first one point five billion dollar tranche was drawn in June, the deal remains shrouded in mystery. Analysts warn that the facility carries significant risks, including exposure to rising US benchmark interest rates, potential naira depreciation, and the threat of margin calls requiring immediate dollar payments from external reserves. Experts suggest that the current opacity may inadvertently increase the cost of borrowing by fueling market uncertainty.