The National Economic Council (NEC) has approved the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion financing arrangement known as Project Gazelle 2, aimed at boosting Nigeria’s external reserves and supporting key government priorities.
The decision was reached during the 159th NEC meeting, held virtually and chaired by Vice President Kashim Shettima.
The approval enables the Nigerian National Petroleum Company (NNPC) Limited to refinance the outstanding $1.5 billion balance from the original 2023 facility while unlocking an additional $3 billion in liquidity to strengthen Nigeria’s external reserves and fund critical fiscal and infrastructure projects.
The initiative followed a presentation by the Minister of Finance, Dr. Taiwo Oyedele, who highlighted the strategic importance of the refinancing. NEC members endorsed the proposal, describing it as a significant step toward improving the country’s financial stability.
Speaking to journalists after the meeting at the Presidential Villa in Abuja, Oyedele said the new facility was negotiated on more favourable terms than the original agreement.
According to him, the volume of crude oil pledged under the arrangement has been reduced from 90,000 barrels per day to about 78,750 barrels per day, representing a 12.5 per cent reduction.
He explained that the revised agreement would release an additional 11,250 barrels of crude oil per day to the federation while reducing NNPC Limited’s pledged crude commitments.
Oyedele noted that the refinancing would not only provide fresh liquidity but also free up resources for strategic national priorities and strengthen Nigeria’s financing framework.
Earlier, Vice President Shettima called for a responsive, scalable and data-driven social protection policy to address multidimensional poverty across the country.
He stressed that government policies are ultimately judged by their impact on the lives of ordinary Nigerians.
“Government policies are often heard before they are seen.
”They speak through the price of food, the condition of hospitals, records in schools, the strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments, ” he said.
The Vice President urged members of the council to ensure that every decision taken demonstrates government’s commitment to meeting the needs of citizens.
“Let every decision we make assure our citizens that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose,” he added.
