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The National Economic Council has approved the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion arrangement known as Project Gazelle 2.
The approval was granted during the council’s 159th meeting, chaired virtually by Vice President Kashim Shettima, following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele.
According to the Presidency, the new facility will enable the Nigerian National Petroleum Company Limited to refinance the outstanding balance of about $1.5 billion under the original 2023 agreement while unlocking an additional $3 billion in liquidity.
The funds are expected to strengthen Nigeria’s external reserves and support key fiscal and infrastructure priorities.
Oyedele said the refinancing was negotiated on more favourable terms, including a reduction in pledged crude oil from 90,000 barrels per day to about 78,750 barrels per day, representing a 12.5 per cent decrease.
He explained that the reduction would release an additional 11,250 barrels of crude oil daily for the federation, increasing revenue available outside the financing arrangement.
Vice President Shettima also urged council members to develop responsive and data-driven social protection policies capable of addressing multidimensional poverty, stressing that government decisions must improve citizens’ lives through competence, compassion and purposeful implementation.
