- The National Economic Council (NEC) has approved the refinancing of the $3.3bn Project Gazelle Pre-Export Finance Facility through a new $4.5bn arrangement designated as Project Gazelle 2.
- The new structure enables the Nigerian National Petroleum Company Limited (NNPCL) to clear the remaining $1.5bn balance from the 2023 loan while unlocking $3bn in fresh liquidity to strengthen external reserves and fund priority projects.
- Finance Minister Taiwo Oyedele confirmed a 12.5% reduction in pledged crude oil, lowering committed volumes from 90,000 to 78,750 barrels per day and releasing an additional 11,250 barrels daily to federal revenues.
The National Economic Council (NEC) has officially approved the refinancing of the $3.3bn Project Gazelle Pre-Export Finance Facility through a expanded $4.5bn facility titled Project Gazelle 2.
Eko Hot Blog reports that the decision was reached during the 159th NEC 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.
EDITOR’S PICK
- Tinubu Approves Army Expansion, Recruitment of 28,000 Personnel
- Aregbesola Claims Record as First Nigerian Governor to Serve Eight Years Without Owning a House
- Ikosi-Ejinrin LCDA Commissions Fully Equipped NSCDC Divisional Headquarters, Donates Patrol Vehicle and Motorcycle to Boost Security
According to a statement issued by the Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Stanley Nkwocha, the initiative restructures the original oil-backed loan on significantly improved commercial terms.
Under the approved terms, NNPC Limited will settle the outstanding balance of roughly $1.5bn from the initial 2023 facility while securing $3bn in new dollar liquidity to support foreign exchange stability, bolster foreign reserves, and fund critical national infrastructure.
Briefing newsmen after the meeting, Oyedele highlighted that the renegotiated terms reduce the volume of crude oil pledged as collateral from 90,000 barrels per day (bpd) to 78,750 bpd.
The 12.5% reduction frees up 11,250 bpd for direct sale by the federation, directly expanding unencumbered state revenues.
In his opening remarks, Vice President Shettima emphasized the necessity of data-driven, scalable social protection initiatives to cushion multidimensional poverty, urging council members to ensure government policies deliver tangible economic relief to ordinary citizens.
Originally launched in 2023 to stabilize the naira following exchange rate unification, Project Gazelle’s successor reflects Nigeria’s strengthened position following recent oil sector reforms.
FURTHER READING
