The National Economic Council (NEC) has approved the refinancing of the existing 3.3 billion-dollar Project Gazelle Pre-Export Finance Facility through a new 4.5 billion-dollar Project Gazelle 2 facility aimed at strengthening Nigeria’s external reserves and supporting key government priorities.
The approval was granted during the 159th meeting of the council, held virtually on Monday.
The new facility will enable the Nigerian National Petroleum Company (NNPC) Ltd. to refinance the outstanding 1.5 billion dollars balance under the original 2023 financing arrangement while unlocking an additional three billion dollars in fresh liquidity.
Briefing journalists after the meeting, the Minister of Finance, Taiwo Oyedele, said the refinancing had been negotiated on more favourable terms than the previous agreement.
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According to him, the volume of crude oil pledged under the facility has been reduced from 90,000 barrels per day to about 78,750 barrels per day, representing a 12.5 per cent reduction.
Oyedele explained that the revised arrangement would release an additional 11,250 barrels per day for the federation while reducing NNPC Ltd.’s crude oil commitment under the financing deal.
He said the new structure would provide the country with improved access to liquidity, free up resources for strategic national priorities and strengthen Nigeria’s financing framework.
Meanwhile, Vice-President Kashim Shettima called for a more responsive, scalable and data-driven social protection system to address multidimensional poverty across the country.
Shettima said government policies should produce tangible results that citizens could see and feel, urging members of the council to ensure that every decision reflected the government’s commitment to addressing the needs and concerns of Nigerians.
