By Adebola Isimijola, Lagos
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 arrangement, known as Project Gazelle 2, in a move aimed at unlocking an additional $3 billion in liquidity, strengthening Nigeria’s external reserves and supporting key fiscal and infrastructure projects.
The approval was granted at the 159th meeting of the Council, held virtually on Monday and chaired by Vice President Kashim Shettima.
According to a State House statement, the new facility will enable the Nigerian National Petroleum Company (NNPC) Limited to refinance the outstanding balance of about $1.5 billion under the original 2023 Project Gazelle facility while providing fresh liquidity for the federation.
The Council noted that the refinancing was structured on more favourable terms than the existing arrangement and expressed support for the implementation of the initiative.
Addressing journalists after the meeting, the Minister of Finance, Dr. Taiwo Oyedele, said the volume of crude oil pledged under the facility would be reduced from 90,000 barrels per day to about 78,750 barrels per day, representing a 12.5 per cent reduction.
He said the new arrangement would release an additional 11,250 barrels of crude oil per day to the federation while reducing NNPC Limited’s pledged crude commitments.
Oyedele said the refinancing would “unlock additional liquidity on improved terms, free up resources for strategic national priorities and strengthen the country’s financing structure.”
Meanwhile, Vice President Shettima called for a responsive, scalable and data-driven social protection policy to tackle multidimensional poverty in the country.
He said government policies must translate into tangible improvements in the lives of citizens, noting that Nigerians judge governance through the prices of food, the quality of healthcare and education, the well-being of families and the opportunities available to them.
The Vice President urged members of the Council to ensure that every decision reassures Nigerians “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”
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